The Central Bank of Nigeria (CBN) has commenced 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 of the country.
Sources close to the apex bank on Sunday 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. The apex bank in August launched two separate investigations.
A source explained that the investigation was based on credible suspicion, although no conclusive indictment has been reached, against any of the companies.
The firms are in different sectors – healthcare, food manufacturing, agriculture, oil and gas, energy, financial services and trading.
The apex bank is working to uncover possible cases of illegal transactions, terrorism funding, money laundering, under declaration, among others.
According to The Nation, the companies are in two groups: Those which specific forex accounts are being investigated and others which have all their accounts being investigated.
They are: 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, Deekay & Sons Limited, Hana Nigeria Limited, Emel Nigeria Limited.
Others are: 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, Beirut Hill Construction Limited, CMA CGM Nigeria Shipping Limited.
The list also includes 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, 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.
Meanwhile in August, the CBN secured a court order to freeze the accounts of certain companies accused of forex volatility, importation of items exempted from official foreign exchange and manipulation of the forex market.
Also,last week, banks were directed to provide domiciliary transactions of some prominent Nigerians and companies.
A CBN official, Z. Markus, wrote to the financial institutions on behalf of Banking Supervision Director, Bello Hassan.
One betting company allegedly moved $420million abroad under the guise of software purchase.
The funds were later traced to the foreign accounts of its directors