Abokifx suspend operations following CBN crackdown

abokiFX, a web platform that reports movements in the foreign exchange market, has suspended operations as the Central Bank of Nigeria (CBN) placed its owners on investigations. 

The platform said this in a notice posted on its website on Friday.

Oniwinde Adedotun, the founder of AbokiFX Limited, is currently facing a probe over alleged ‘Illegal’ forex trading.

According to a report by The Cable, it was learnt on Thursday night by sources within the apex bank that Adedotun and AbokiFX Limited are currently under investigation for “illegal foreign exchange transactions”.

An insider, familiar with the events, disclosed “unusual forex transactions” were found in his account, suggesting the promoters of the platform have been involved in illegal forex trading.

The apex bank is said to be investigating seven accounts belonging to Adedotun and abokiFX, vetting every forex transaction from 2019 till 2021.

Reports on social media claim that Adedotun is being investigated for foreign exchange rate manipulation, but another source within the bank said he could not confirm the rumours.

“There would be a lot more clarity after the next monetary policy committee (MPC) meeting tomorrow,” the source said.

AbokiFX, registered in Arizona, United States, is the 63rd most visited website in Nigeria as of September 16, 2021.

The apex bank had initially scheduled its MPC meeting for September 20 and 21, but had to reschedule to September 16 and 17, 2021 — but no reason was given for the move.

Related posts

Leave a Comment

Protected by WP Anti Spam