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FRAUD SAGA : CBN probes 71 for suspected forex deals

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THE Central Bank of Nigeria (CBN) has launched 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.

Sources close to the apex bank yesterday 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 apex bank was said to be worried that rather than the companies patronising banks for their forex transactions, they opted for the black market.

In the light of the heightened security situation in the country, the apex bank was alarmed that recourse to black market by formal sector operators may be conduit for illegal transactions, including transmitting funds to terrorists, money laundering, under declaration and shortchanging of extant government rules and policies, among others.

A source said the apex bank was ready to clamp down on any company found to have contravened any of the extant laws and policies on forex.

The source explained that the companies are in two groups – those which specific forex accounts are being investigated and others which have all their accounts being investigated.

The companies under investigation include: 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.

Others included 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.

Also being investigated are 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.

Others included 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.

Faced with twin-shock of global crude oil decline and COVID-19 pandemic, the CBN has struggled to balance its developmental mandate with regulatory role of maintaining stability in the financial system.

Amid sustained forex pressure, the apex bank has battled global and national headwinds to ward off knee-jerk devaluation of naira. It had created the Investors & Exporters (I & E) window as an official window to attend to forex requirements of formal sector operators.

The apex bank in August secured a court order freezing the accounts of companies, which it alleged were behind forex volatility.

The CBN alleged that the companies were engaging in the importation of some items exempted from official foreign exchange and also manipulation of the forex market.

The apex bank said the companies were “the cause of the current volatility and imbalance in the foreign exchange regime in Nigeria with the attendant negative impact on the economy”.

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AUBA Commences Comtempt Proceedings Against WEMPCO Directors over Alleged Disobidence of Court Order

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Mr. Lewis Tung and his brother Robert Tung

The Federal High Court, presided over by Honourable Justice Aluko, has granted an application by United Bank for Africa (UBA) Plc for substituted service of Form 49 on directors of Wempco named as alleged contemnors in the case of UBA v. Wempco.

The application forms part of proceedings seeking to determine whether the named individuals disobeyed an order of the court and whether they should be committed to prison for contempt.

The directors named as alleged contemnors are Lewis Shui Ngor Tung, Phillip Shui Chei Tung, M.A. Ola Yusuf, Tung Lawrence Blake, Aali Aare Hadji Tokunbo, Paul Shui Po Tung, Tung Robert, C.L. Ip and Taiwo Alli.
In advancing the application, counsel to UBA argued that service of Form 49 on the alleged contemnors was necessary to enable them to appear before the court and show cause why an order of committal should not be made against them.
He also argued that the Directors of Wempco and some members of staff took illegal steps in an attempt to disobey the Order of Court.

The court’s decision to grant substituted service provides a procedural step towards bringing the notice to the attention of the individuals concerned in accordance with the court’s directions.

Form 49 is a notice requiring an alleged contemnor to show cause why an order of committal to prison should not be made against them for alleged disobedience of a court order.

The Federal High Court had earlier made an Order of Mareva Injunction and appointed a Receiver/Manager over some of the Assets of Wempco following the indebtedness of Wempco to UBA in the sum of N61,445,695,993.76 (Sixty One Billion FourHundred and Forty-Five Million Six Hundred and Ninety Five Thousand, Nine Hundred and Ninety Three Naira, Seventy Six Kobo).

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$242m Petroleum Products Diversion Claim: UBA Secures Court Order Against Vitol, Four Others

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A Lagos State High Court, last Thursday, granted interim preservative orders of Mareva Injunction against Vitol SA – a Switzerland based Energy Trading company, and four other shipping companies in favour of United Bank for Africa Plc.

The bank alleged Vitol of wrongful release of cargoes of petroleum products which were consigned to the order of United Bank for Africa Plc in the Bills of Lading.

Addressing the Court, Bode Olanipekun, SAN, lead counsel for United Bank for Africa, urged the Court to grant the interim preservative orders against Vitol and the other shippers.

In a ruling on the application, the presiding judge, Honourable Justice K. A. Jose (Mrs.) granted three prayers in UBA’s application, including requests to restrain the dissipation of assets and dealings with funds up to the disputed amount by Vitol S.A.

“Prayers 1–3 are granted as prayed against the 2nd Respondent only,” the judge ruled.

The application was brought pursuant to Order 43 Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019 and the Lagos State High Court Practice Direction No. 2 of 2019.

UBA is seeking to contend in the substantive proceedings that Vitol SA and the owners of the vessels, are liable for alleged conversion, misrepresentation and negligence arising from the non-delivery of the petroleum products.

UBA also cited 34 financial institutions and public agencies, including commercial banks, merchant banks, microfinance banks, the Nigerian Ports Authority and the Nigeria Customs Service, in connection with the application.

In an affidavit supporting the application, UBA’s Group Head of Recoveries and Remedial Management, Anthony Chilaka, stated that the bank issued a letter of credit for the benefit of Vitol SA to facilitate a petroleum products transactions.

UBA alleged that the cargo was transported to Nigeria and that the vessels’ masters issued several bills of lading.
The bank further alleged that Vitol subsequently endorsed the bills of lading “to the order of” UBA and handed over the original copies to it.
UBA maintained that the endorsement entitled it to take possession of the cargo upon completion of the voyage.
However, Chilaka stated that the bank had not received the gasoil despite the completion of the voyage.
“The applicant has not been given possession of the gasoil despite completion of the voyage,” the affidavit stated.
UBA alleged that the cargo was instead, applied to the use of another party, contending that the respondents’ failure to deliver it amounted to conversion and negligence.
The bank argued that the respondents had obligations arising from the transaction and the endorsement of the shipping documents, which it claimed were not fulfilled.
The bank alleged that the cargoes associated with those transactions were also diverted to the use of other parties after their voyages, rather than delivered to UBA.

 

 

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BANKING ON HER TOMORROW: ZENITH BANK EMPOWERS 300 GIRLS WITH EDUCATION, KNOWLEDGE AND CONFIDENCE

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Caption: (L-R) Founder, Aruwa Capital Management, Adesuwa Okunbo-Rhodes; Group Managing Director/CEO, Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON; The Queen Consort of Warri Kingdom, Her Majesty, Olori Atuwatse III ; and Executive Director, Zenith Bank Plc, Mrs. Adobi Nwapa, with girls from selected schools in Lagos during the maiden edition of the Zenith Bank Girl-Child Empowerment Programme held at the Civic Centre, Victoria Island, Lagos, on Monday.


Zenith Bank Plc has launched the maiden edition of its Girl-Child Empowerment
Programme, themed “Banking on Her Tomorrow,” bringing together 300 schoolgirls aged 13 to 17 from selected schools across Lagos for a day of learning, mentorship and personal development.

Held on Monday, October 12, 2026, at the Civic Centre, Victoria Island, Lagos, the programme featured sessions on finance and investment, etiquette and personal development, social media ethics, and social relationships and interactions, equipping participants with practical knowledge and skills for their personal, educational and future career journeys.

The initiative, a brainchild of the Bank’s Group Managing Director/Chief Executive Officer, Dame (Dr.) Adaora Umeoji, OON, reflects Zenith Bank’s commitment to nurturing the potential of young girls and helping them make informed choices about their futures.

In her welcome address, Dame (Dr.) Umeoji urged the participants to believe in their abilities, pursue their ambitions and remain focused and disciplined. Drawing on examples of young girls who have achieved remarkable feats, she challenged them to look beyond their present circumstances and envision the women they aspire to become.

“To all my amazing young ladies here today, each of you possesses gifts, talents, and ideas that are capable of revolutionising the world. You can revolutionise the world with your ideas,” she said.

The GMD/CEO further encouraged the girls to explore their interests and resist societal limitations, stressing the importance of taking ownership of their futures.

“Never allow gender or age to limit your goals. Whatever interests you today, explore it. Whatever you choose to pursue in life, give it your best shot,” she said.

Delivering the keynote address, Her Majesty, Olori Atuwatse III, Queen Consort of the Warri Kingdom, encouraged the girls to embrace their identities, develop resilience and use their abilities to make a positive difference in the lives of others.

Using the mangrove tree as a metaphor for resilience, she reminded the participants that challenges need not define their futures and that their worth extends beyond academic results and external expectations.

“Every time you affirm the truth about who you are, you are building confidence. Every time the tide of life goes out and you are still standing, you are building resilience. And every time you use your gifts for another person, you are discovering your purpose,” Olori Atuwatse III said.

The programme featured interactive sessions led by accomplished professionals and personalities:

Ayanime Edem, founder of The Elite Finishing School and modern etiquette educator, discussed confidence, communication, self-presentation and etiquette.

Nigerian actress and content creator Bukunmi Adeaga Ilori, popularly known as Kie Kie, addressed responsible social media use, authenticity and digital boundaries.

Representing Zenith Bank, Thelma Okonye and Adesola Adeyemo introduced the girls to saving, responsible money management and investment, highlighting the importance of developing sound financial habits early.

While Nigerian filmmaker, creative executive and educator,Praise Onyeagwalam, Director Pink, led a session on healthy relationships, self-awareness and effective communication.

The sessions encouraged active participation, giving the girls opportunities to ask questions and engage with the speakers on issues relevant to their experiences and aspirations.

The programme also featured competitions, with cash prizes totalling over ₦1 million awarded to winners. The participants received books to encourage reading and personal growth, while musical performances by Nigerian singers Qing Madi and No. 11 added to the lively atmosphere. The event was hosted by Temi Badru, public speaker, communications coach and lawyer, with Darasimi Destiny Nadi serving as mini host.

Delivering the closing remarks, Executive Director, Zenith Bank Plc, Dr. Mrs. Adobi Nwapa, highlighted the GMD/CEO’s vision for the initiative and the Bank’s commitment to sustaining its impact.

“The programme is the vision of our GMD/CEO, who conceived and championed it, demonstrating her unwavering commitment to the empowerment of the girl child. Through her leadership, she has shown the girls what is possible when a woman dares to lead. At Zenith Bank, our commitment to the girl child extends beyond today, and we will continue to nurture their aspirations through this annual initiative,” she said.

Dr. Nwapa thanked the speakers and participants for contributing to the programme’s success and encouraged the girls to apply the lessons learnt, remain confident and pursue their aspirations with determination.

The initiative builds on Zenith Bank’s longstanding commitment to advancing opportunities for women and girls through programmes including its annual International Women’s Day Seminar, the Zenith Women’s Basketball League, the Women of Honour Awards in partnership with the Ford Foundation, the Pad-a-Queen Initiative and Z-Woman, which supports women-owned businesses through business support and access to credit at discounted rates.

Through “Banking on Her Tomorrow,” Zenith Bank is extending this commitment to a younger generation, equipping girls with the knowledge, skills and confidence to pursue their ambitions and contribute meaningfully to their communities and society.

 

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