List of companies under CBN investigation for forex infractions

The Central Bank of Nigeria has launched investigation into the foreign exchange dealings of more than 55 companies and individuals.

This is the Apex bank’s latest move as it clamps down on those it says abuse foreign exchange in the country as pressure mounts on the nation’s currency.

The apex bank linked the firms to foreign exchange deals outside the official Investors & Exporters (I&E) window according to Vanguard.

Whereas CBN recognizes that certain little payments of sums below $10,000 could be made for travels, school/boarding fees, subscription, fees, hospital bills among others with little or no documentation, the source said some unscrupulous companies had hidden under this guise to illegally transfer/repatriate huge sums of forex out of the country without following laid down rules and regulations of CBN according to Thisday.

CBN is investigating the avenues through which the companies source forex that they eventually sell to counterparties, who buy and repatriate the funds otherwise known as free funds.

Aioon Energy Limited, Cowry Assets Management Limited, Everdon Nigeria Limited, Caml Bureau De Change and Everdon Bureau De Change are among those listed by Thisday to be under CBN investigation. Some other individuals whose accounts are being scrutinized include: Mr. Okechukwu Ezeh, Mr. Adamu Ezeh and Mr. Adebutu Bankole.

According to the list reported by Vanguard, Stallion Nigeria Limited, a conglomerate involved is among those being investigated. The list also includes the electronic payment company, Interswitch Nigeria Limited, as well as CMA CGM Nigeria Shipping Limited.

The 55 companies as listed by Vanguard are;