“I Lost $15m”: Erisco Foods Owner Umeofia Says Banks Refused To Sell Him Dollars, Gives Details

“I Lost $15m”: Erisco Foods Owner Umeofia Says Banks Refused To Sell Him Dollars, Gives Details

  • Eric Umeofia, the founder of Erisco Foods Limited, is currently in the media spotlight after he sued a customer who criticised his product
  • However, this hasn't prevented him from accusing bank officials of attempting to charge him extra before he can buy dollars
  • He particularly points fingers at the Central Bank of Nigeria for facilitating the forex racketeering

The founder of Erisco Foods Limited, Eric Umeofia, has disclosed that bank officials demanded bribes before selling dollars to manufacturers and importers under Godwin Emefiele.

He revealed this in an interview on AriseTV while explaining his decision to sue Chioma Egodi for N5 billion for a bad review on his product, which, he claims, has cost him $15 million.

Erisco foods accuse banks of asking for bribes
Erisco's founder has accused banks of demanding bribes to sell dollars. Photo credit: Erisco Foods
Source: Facebook

Umeofia revealed that bank officials demanded an extra N50 or N70 to sell a dollar to him.

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He also added that the extra charges on the transactions do not reflect on his receipt.

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Erisco accuses bank officials

The industrialist added that his refusal to compromise is why he has no relationship with the embattled ex-CBN governor, Godwin Emefeiele.

"In the past five years, I have not collected any credit from the bank, I have not collected credit in Nigeria, no loan. For the past 5 years, I haven’t gotten one dollar in foreign exchange.
"They(CBN) didn’t give me dollars and I don’t want to compromise, that’s why they don’t like me. That is why Godwin Emefiele don't also.
"Central bank of Nigeria can hear me, if they gave me one dollar in the last 5 years, let them call me out.

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"I have been sustaining my business from my investements in Angola and other foriegn countries despite having money in my bank account"

He added that while many others were willing, he was not and further explained how the bank's officials did it.

“Then, the exchange rate for dollars was N420, N410, N440. If you want to obtain $1 million, you would have to part with N40, N50, N60, N70 that would not be reflected, and your bank would not be aware of it.
"You simply pay the Central Bank of Nigeria (CBN), and you get it. I said I don't want to engage in that in my own country. It's a significant racket, and everyone is aware of it. Ask the big manufacturers; they know."

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Meanwhile, in an earlier report, Legit.ng revealed that the Federal Competition and Consumer Protection Commission (FCCPC) has promised to summon Erisco Foods Limited over the arrest and detention of Chioma Egodi Jnr. On September 17, 2023,

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Egodi took to Facebook to express her displeasure after using Nagiko Tomato Mix, one of the company’s products.

She shared the picture of the opened tomato paste in her post.

Source: Legit.ng

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