Central Bank of Nigeria Headquarters, Abuja, FCT

CBN investigates 71 companies for alleged Forex Infractions (Full List)

*Recourse to black market by formal sector operators may be a conduit for illegal transactions, including transmitting funds to terrorists, money laundering, under declaration, shortchanging of extant government rules and policies, says Central Bank of Nigeria

Isola Moses | ConsumerConnect

For suspected infractions, contravention of extant Foreign Exchange (Forex) laws and rules while hurting the country’s economy, the Central Bank of Nigeria (CBN) has begun a massive investigation into Forex by 71 companies following preliminary reviews of their activities.

ConsumerConnect reports that sources close to the apex bank Sunday, September 20 confirmed the investigation of many leading companies in key sectors of the country’s economy.

These include key sectors such as healthcare, food manufacturing, agriculture, oil and gas, energy, financial services and trading, among others.

This is said to be the largest Forex probe in recent period.

It is recalled that Bankers’ Bank also launched two separate investigations in August 2020.

The current investigation is based on credible suspicion, although no conclusive indictment has been reached against any of the companies, report stated.

The Apex Bank was said to be worried that rather than the companies patronising Nigerian banks for their Forex transactions, they opted for the black market.

Consequently, in view of the heightened security situation in the country in recent times, the CBN was reported to be alarmed that recourse to black market by the formal sector operators may be conduit for illegal transactions, including transmitting funds to terrorists, money laundering, under declaration and shortchanging of extant government rules and policies, among others.

The apex bank was ready to clamp down on any company found to have contravened any of the extant laws and policies on Forex, according to report.

The companies are in two groups –those which specific Forex accounts are being investigated, and others which have all their accounts being investigated, according to the source. These include:

Others are:

  1. Stallion Nigeria Limited
  2. Solem Agro Limited
  3. Deekay & Sons Limited
  4. Hana Nigeria Limited
  5. Emel Nigeria Limited
  6. Sonnex Nigeria Limited
  7. Montana Nigeria Limited
  8. Daraju Nigeria Limited
  9. Dasco Nigeria Limited
  10. Savvy Corps Limited
  11. Pan-Cat Nigeria Limited
  12. Mustafa-Multipurpose Services
  13. Olayfis Global Resources Limited
  14. Pals Interchange Concept Limited
  15. 2015 Petroleum & Investments Limited
  16. Manann Nigeria Limited
  17. Brollo Pipe & Profile Ind. Limited
  18. Altrunk Nigeria Limited
  19. Dartford Energy Services Limited
  20. Global Links Ventures Limited
  21. Elemental Integrated Associates
  22. New Home Distribution (Africa)
  23. ACCI Ventures (Nig) Limited
  24. Dover Engineering Limited
  25. John Kell & Associate Nigeria
  26. Maaway Ventures Limited
  27. Good Metal Enterprises
  28. Medlog Logistics Services Limited
  29. Interswitch Nigeria Limited (Dollar Acct)
  30. Beirut Hill Construction Limited
  31. CMA CGM Nigeria Shipping Limited
  32. Agrinexus International Limited
  33. Sylvangel Maritime Resources Limited
  34. Unimer SRL Limited
  35. SCIB Nigeria & Company Limited
  36. Domenik LLC
  37. Petro-Afrique Energy Services
  38. Silver Dome Enterprises Limited
  39. Ajibola Bankole Adebutu
  40. Petro-Afrique Energy Services Limited
  41. Steel Force Far East Limited
  42. Stemcor London Trading Limited
  43. Fix Nigeria Limited
  44. SA Turutu International Enterprises
  45. New Brand Metals Global Limited Ventures
  46. Auto Petroleum Company Limited
  47. Cavendish Mechanicals Limited
  48. Aquashield Oil & Marine Limited
  49. Haitch & Elf Integrated Services Limited
  50. Fenog Nigeria Limited
  51. Promasidor Nigeria Limited
  52. Hatford Resources Nigeria Limited
  53. Don & Chyke Nigeria Limited
  54. BCL Trading Services Limited
  55. Omniworx Export Enterprises

Report added that CBN, faced with twin-shock of global crude oil decline and COVID-19 pandemic, has struggled to balance its developmental mandate with regulatory role of maintaining stability in the financial system in the country.

Amid sustained Forex pressure, the apex bank has battled global and national headwinds to stave off knee-jerk devaluation of Naira.

It also had created the Investors & Exporters (I&E) window as an official window to attend to Forex requirements of formal sector operators.

The apex bank in August secured a court order freezing the accounts of companies, which it alleged were behind Forex volatility.

The CBN alleged that the companies were engaging in the importation of some items exempted from official foreign exchange and also manipulation of the forex market.

The apex bank said the companies were “the cause of the current volatility and imbalance in the foreign exchange regime in Nigeria with the attendant negative impact on the economy”.

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