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‘We can’t allow you to kill our economy’ — CBN confirms investigation of abokiFX founder

‘We can’t allow you to kill our economy’ — CBN confirms investigation of abokiFX founder
September 17
14:57 2021

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) has confirmed the investigation of Oniwinde Adedotun, the founder of abokiFX.

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On Thursday, TheCable reported that Adedotun and abokiFX Limited are currently under investigation for “illegal foreign exchange transactions”.

AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014. 

On the platform, Naira is quoted at 570 to the dollar at the parallel market, though the apex bank had described it as an illegitimate market.

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“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” Emefiele said.

“I am sorry to say that I do not, and I do not intend to recognise any fx in the market.

“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it.

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“If you want to sell the dollar, go to your bank and sell it.”

Emefiele said the apex bank had been investigating the abokiFX website and its owners in the last two years.

“We have been studying the activities of abokiFX in the last two years,” he added.

“There was a time we asked our colleagues to call the abokiFX to ask how he conducts the rates.

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“He is a Nigeria, living in England, we will track him, Mr Oniwinde, we will track you.

“We cannot allow you to continue to kill our economy.”

The CBN governor added that abokiFX is registered in the United Kingdom, Nov. 2015, and it is owned by one person, who claimed that there are other people with significant interests behind the business.

“Our preliminary findings show that the company continues to file the same cash account in the United Kingdom whereas he maintained about 25 accounts with eight banks in Nigeria — both naira and dollar — milking the system and collecting cash through a particular ATM in London,” the CBN governor said.

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“He then sells tens of millions in FX to company’s in Nigeria; we will go after them all.”

“On his UK filings, we will go and conclude the investigation.”

Emefiele alleged that Oniwinde uses his website for forex manipulations and speculations by purchasing forex to make a profit.

“It is completely illegal and unacceptable.”

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6 Comments

  1. Idi
    Idi September 17, 22:52

    Rubish,that shows how incompitent you guys are,he is smarter than you as an ecnomist.controlling the whole nation economy

    Reply to this comment
  2. Truetalker
    Truetalker September 17, 23:25

    Dis is a very shameful talk. Going after him, what would that make d naira?
    Instead of ignoring distractions and work hard to bring d economy back to normal, u are threatening some one who ordinary should not have had any influence on what u are accusing him of.

    Reply to this comment
  3. Rainin
    Rainin September 18, 00:05

    Hahaha ha, all these talk na wash!

    Reply to this comment
  4. Aydens
    Aydens September 18, 05:58

    You cannot solve a problem until you find the cause of the problem. Identifying AbokiFX is one step further in solving the problem. When thieves are caught we quickly tag them as being smart. Of course AbokiFX smartness is causing the nation problems while he is chilling in London. Everything on earth has a terminal date.

    Reply to this comment
  5. Funso
    Funso September 18, 06:22

    CBN and Buhari have failed Nigeria Leave Abokifx alone

    Reply to this comment

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