Forex Scam: How NNPC, CBN Sabotage Economic Recovery

THERE are indications that heads may roll soon in the Central Bank of Nigeria, CBN, over the directive to International Oil Companies, IOCs, to sell forex to only six importers of petroleum products from the IOCs’ forex pool put together by the Nigeria National Petroleum Corporation, NNPC, The Whistler has exclusively gathered.

In a letter signed statement by the SA/Head, Financial Markets Department of the CBN, E.U. Ukeje, to the IOCs obtained by Nigerian Pilot, he directed the IOCs to “note that you are only permitted to sell your FX to the designated PMS importers by the NNPC or to the CBN at the ruling exchange interbank rate.”

Investigation by Nigerian Pilot reveals that the ‘designated importers’ FX should be sold as directed by the CBN are Conoil Plc, Mobil Plc, MRS Oil Nig, Oando Plc, Northwest Petroleum, and Total Nig Plc.


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