Forex Manipulation: FG vows to prosecute owner of Aboki FX website, Adedotun Oniwinde

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
Forex Manipulation: FG vows to prosecute owner of Aboki FX website, Adedotun Oniwinde
Aboki FX website as at Fridayuser

The Federal Government on Friday declared the owner of AbokiFX, Olusegun Adedotun Oniwinde, wanted for operating illegal forex trading via its online platform.

Governor of the Central Bank of Nigeria, Godwin Emefiele, made the statement at the end of its 280th Monetary policy meeting in Abuja on Friday.

The CBN also vowed to clamp down on the operations of the website, popular for supplying online users with up-to-date currency exchange information.

A furious Emefiele, who referred to Adedotun as an illegal FX dealer, further revealed that plans are underway to have him prosecuted for endangering the Nigerian economy.

"Mr Oniwinde started the AbokiFX operation in 2015 and has since milked the economy by manipulating the exchange rate.

“Oniwinde lives in London while concorting criminal activities on our economy. Our preliminary findings shows 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 sell tens of millions in FX to companies in Nigeria; we will go after them all.”

Emefiele claimed that only the apex bank can determine the value of the naira, according to the CBN Act, section 2.

In recent times, the Naira to dollar exchange rate has been on the rise on the platform in the last couple of days, with the forex website currently recommending that Bureau de Change operators can buy dollar at N560 and sell at N570.

As of the time of filing this report, Aboki FX, is still up and running on the internet.

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