Report: Stallion, Promasidor listed as CBN expands investigation on forex infractions

The Central Bank of Nigeria (CBN) has extended its investigation on alleged forex infractions to 100 companies, THISDAY is reporting.

This is in addition to the 38 gaming and bureau de change companies that are already being investigated.

The newspaper reports that the apex bank has already requested the details of accounts belonging to 100 companies suspected of buying forex from unauthorised sources thereby avoiding documentation and overheating the exchange rates.

Some of the companies allegedly conduct their export activities without completing NXP forms and escape repatriating forex to the country through approved and recognised channels.

“There are also cases where some blatantly go to the BDCs to buy huge dollar cash, deposit them in banks, and resort to transfer of such funds for such unauthorised transactions without documentation using the online medium usually regarded as Straight Through Processing (STP),” THISDAY quoted a source to have said.

“CBN insists that all forex transactions must pass through the I&E window and the banks to provide full visibility, hence the reason for the ongoing investigations to stop these forex malpractices.”

Some of the companies being investigated are Amarava Agro Limited, Shivlula Nigeria Limited, Afrab Chem Limited, Bhojraj Nigeria Limited, Deeplast Nigeria Limited, Givanas Industry Nigeria Limited, Godrej Nigeria Limited, Far East Mercantile Limited and Malok Nigeria Limited, Multichem Industries Limited, Nagode Industries Limited, Prima Corporation Limited, Regal Chem Nigeria Limited, Vista International Limited, Budha Logistics Limited, and Mitoch Global-Link Ventures.

They also include Stallion Nigeria Limited, Solem Agro Limited, Deekay & Sons Limited, Hana Nigeria Limited, Emel Nigeria Limited, Sonnex Nigeria Limited, Montana Nigeria Limited, Daraju 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 and Dartford Energy Services Limited.

Others are Global Links Ventures Limited, Elemental Integrated Associates, New Home Distribution (Africa), ACCI Ventures (Nig) Limited, Dover Engineering Limited, John Kell & Associate Nigeria, Maaway Ventures Limited, Good Metal Enterprises, Medlog Logistics Services Limited, Interswitch Nigeria Limited (Dollar Acct), Beirut Hill Construction Limited, 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 and Silver Dome Enterprises Limited.

Petro-Afrique Energy Services Limited, Steel Force Far East Limited, Stemcor London Trading Limited, Fix Nigeria Limited, SA Turutu International Ent., New Brand Metals Global Limited Ventures, Auto Petroleum Company Limited, Cavendish Mechanicals Limited, Aquashield Oil & Marine Limited, Haitch & Elf Integrated Services Limited, Fenog Nigeria Limited, Promasidor Nigeria Limited, Hatford Resources Nigeria Limited, Don & Chyke Nigeria Limited, BCL Trading Services Limited, and Omniworx Export Enterprises.

Aioon Energy Limited, Cowry Assets Management Limited, Everdon Nigeria Limited, Caml Bureau De Change and Everdon Bureau De Change were also listed.

“These companies are under investigation for suspected FX infraction. We have no problem with anybody getting FX, but they should do it legally. They are not expected to do it through free funds. Everybody is welcomed to use the FX window to get money and we would make it available for them, but they should not go through free funds,” THISDAY quoted a CBN official to have said.