Racketeers determine who gets forex from CBN, demand commission —Erisco founder

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The founder of Erisco Foods Limited, Eric Umeofia, has alleged that there are racketeers that determine who gets foreign exchange from the Central Bank of Nigeria (CBN).

Umeofia said because he refused to compromise some years ago, the racketeers didn’t give him foreign exchange to finance his operation.

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According to Umeofia, his refusal to compromise has made it impossible for him to obtain foreign exchange in the last three years.

He told Arise News on Thursday that his uncompromising nature is why the former central bank governor, Godwin Emefiele, does not like him.

“For the past five years, I have never gotten credit in Nigeria. No loan. For the past three years, I have never gotten $1 of foreign exchange,” he said.

Umeofia added that: “They didn’t give me because I don’t want to compromise. That’s why the former CBN governor did not like me and I told the world.”

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Explaining how the alleged racketeering occurs, Umeofia said: “Then money (dollar) was N420, 410 (or) 440. If you want to get like $1 million, you are going to part with the N50, N40, N60 (or) N70 that will not reflect in your (details), your banks don’t know.”

The businessman said the racketeering has made him prefer the black market.

Meanwhile, Umeofia said he would sue Facebook user, Chioma Egodi, for N5 billion due to damages that her product review caused his company.

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He said Egodi’s product review led to him losing a $30 million credit line in China. Umeofia said two creditors suspended their agreements.


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