CBN probes 71 companies for suspected forex deals
The Central Bank of Nigeria (CBN) has launched a massive investigation into foreign exchange transactions by 71 companies after preliminary reviews raised suspicions of possible infractions and contravention of extant foreign exchange laws and rules.
According to the Nation, some sources confirmed the investigation of many leading companies in key sectors of the economy including healthcare, food manufacturing, agriculture, oil and gas, energy, financial services and trading, among others.
This is the largest forex probe in recent period, Daily Times gathered.
The investigation was based on credible suspicion, although no conclusive indictment has been reached, against any of the companies.
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The apex bank was said to be worried that rather than the companies patronising banks for their forex transactions, they opted for the black market.
According to the source said the apex bank was ready to clamp down on any company found to have contravened any of the extant laws and policies on forex.
The source explained that the companies are in two groups – those which specific forex accounts are being investigated and others which have all their accounts being investigated.
The companies under investigation include: Promasidor Nigeria Limited, Stallion Nigeria Limited, Bhojraj Nigeria Limited, Interswitch Nigeria Limited, Far East Mercantile Limited, Afrab Chem Limited, Multichem Industries Limited, Daraju Nigeria Limited, Dover Engineering Limited, BCL Trading Services Limited, Amarava Agro Limited, Shivlula Nigeria Limited, Deeplast Nigeria Limited, Givanas Industry Nigeria Limited, Godrej Nigeria Limited, Malok Nigeria Limited, Nagode Industries Limited, Prima Corporation Limited, Regal Chem Nigeria Limited, Vista International Limited, Budha Logistics Limited, Mitoch Global Link Ventures and Solem Agro Limited.
Others included Deekay & Sons Limited, Hana Nigeria Limited, Emel Nigeria Limited, Sonnex Nigeria Limited, Montana Nigeria Limited, Dasco Nigeria Limited, Savvy Corps Limited, Pan-Cat Nigeria Limited, Mustafa-Multipurpose Services, Olayfis Global Resources Limited, Pals Interchange Concept Limited, 2015 Petroleum & Investments Limited, Manann Nigeria Limited, Brollo Pipe & Profile Ind. Limited, Altrunk Nigeria Limited, Dartford Energy Services Limited, Global Links Ventures Limited, Elemental Integrated Associates, New Home Distribution (Africa), ACCI Ventures (Nig) Limited, John Kell & Associate Nigeria, Maaway Ventures Limited, Good Metal Enterprises, Medlog Logistics Services Limited and Beirut Hill Construction Limited.
Also being investigated are CMA CGM Nigeria Shipping Limited, Agrinexus International Limited, Sylvangel Maritime Resources Limited, Unimer SRL Limited, SCIB Nigeria & Company Limited, Domenik LLC, Petro-Afrique Energy Services, Silver Dome Enterprises Limited, Ajibola Bankole Adebutu, Petro-Afrique Energy Services Limited and Steel Force Far East Limited.
Others included Cavendish Mechanicals Limited, Aquashield Oil & Marine Limited, Haitch & Elf Integrated Services Limited, Fenog Nigeria Limited, Hatford Resources Nigeria Limited, Don & Chyke Nigeria Limited, Omniworx Export Enterprises, Stemcor London Trading Limited, Fix Nigeria Limited, SA Turutu International Ent, New Brand Metals Global Limited Ventures and Auto Petroleum Company Limited.
Faced with twin-shock of global crude oil decline and COVID-19 pandemic, the CBN has struggled to balance its developmental mandate with regulatory role of maintaining stability in the financial system.
