CBN declares Oniwinde, owner of AbokifX, wanted

Emefiele exposes trick used by Nigerians who collect bribe through dollars

The Central Bank of Nigeria (CBN) has declared Oniwinde Adedotun, founder of AbokiFX, wanted. AbokiFX is a website that publishes the parallel market exchange rate of the naira against other currencies.

While responding to questions at the end of the 280th Monetary Policy Meeting (MPC) of the apex bank in Abuja yesterday, the CBN governor, Godwin Emefiele, referred to Adedotun as an illegal FX dealer.

He said he would be prosecuted for endangering the Nigerian economy.

Emefiele said, “Mr Oniwinde started the AbokiFX operation in 2015 and has since milked the economy by manipulating the exchange rate.

“Oniwinde lives in London while concocting criminal activities on our economy. 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 8 banks in Nigeria, milking the system and collecting cash through Automatic Teller Machines in London.

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

Citing section 2 of the CBN Act, Emefiele said only the apex bank could determine the value of the naira.

He promised to ensure that Oniwinde was captured and made to answer to the law.

Meanwhile, the CBN governor has exposed a trick used by some Nigerians who collect bribe in dollars.

In an interaction with reporters, Emefiele said, “It really beats my imagination that Nigerians carry on with this kind of practice that tends to support illegal activities of people who are involved in graft and corrupt practices.

“What do they do: instead of collecting naira as bribe you tell the person to exchange it into dollar so that you can have small packet of dollars in your pocket.”

The CBN governor also said criminals were accessing dollars from the Bureau De Change operators to import arms.

He said the CBN discovered that a significant portion of the dollars bought by the BDCs went into illegal arms deals.

“Whether it is Boko Haram, kidnapping and all sorts of nefarious activities, BDCs take our country’s dollar and sell to people to go and buy arms and ammunition to come and hurt us.

“That’s what people want us to continue to do. We cannot do that any longer. If you have any legal, legitimate business you want to conduct, please take your business to a bank, they will sell you forex.

“If the amount you want is even above the limit recognised and we find that the reasons you are making the demand is legitimate, your bank will speak to us and we will give you more than what is the limit,” he said.

He told individuals and businesses to always approach the banks for legitimate forex needs.

He also said the CBN would continue the crackdown on those who obtained forex for fraudulent means.

“We go after people who use fake visa and other travel documents to fraudulently procure forex from commercial banks through the Economic and Financial Crimes Commission (EFCC) and other anti-graft agencies.

“The only exchange rate I recognise today in the Nigerian foreign exchange market, which is the dominant market, remains the investors and exporters window, which is the market we expect everybody that wishes to procure foreign exchange or somebody who wants to sell foreign exchange to get. Go to your bank and the investors and exporters window will attend to you. I am sorry to say that I do not intend to recognise that there are any other rates in the market,” he said.