CBN Investigating Interswitch, Promasidor, Cowry, Others For Forex Fraud

The Central Bank of Nigeria (CBN) has listed more companies that are under investigation for forex manipulation or infractions. The CBN has been clamping down on companies obtaining forex illegally or through disguise for a different purpose.

In a new development, AllNews gathered that the companies under CBN's radar have increased to 100 companies. The CBN had initially listed about 38 companies that operate gaming and bureau de change businesses.

These Companies Are Under Investigation For Forex Fraud

The new list includes Interswitch, Stallion Nigeria Limited, and Cowry Assets Management Limited. In a report by ThisDay; the companies were alleged to have tried to evade repatriation of the forex obtained for transaction out of Nigeria, while others obtained their forex from the Bureau De Charge operators, ignoring the Investors and Exporters window which is the approved forex platforms for businesses.

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"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).

“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.” A source told ThisDay. It was disclosed that the companies don't complete their NXP forms while conducting their foreign transactions.

While speaking to ThisDay, an unidentified CBN official said, “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."

Names Of Companies Under Investigation

The names of companies being investigated include, 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.
 
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.

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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, and 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 and 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.