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”.