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CBN beams search light on 71 companies for suspected forex deals (see list)

BY David Olalele




After preliminary reviews raised suspicions of possible infractions and contravention of extant foreign exchange laws and rules, Central Bank of Nigeria (CBN) has started  probing the foreign exchange transactions by 71 companies.

A report by The Nation Newspaper claimed that the CBN on Sunday, September 20, declared 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. gathered the investigation came on the heed of credible suspicion but no conclusive the indictment has been reached, against any of the companies.

According to the report, the CBN was ready to clamp down on any company found to have contravened any of the extant laws and policies on forex.

It was learnt that the companies are in two groups as those which specific forex accounts are being investigated and others which have all their accounts being investigated.

Among the companies under the investigation 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.

The other companies include 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.

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The report has it that the companies also include 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.

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.

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