CBN freezes 38 companies’ accounts over forex infractions, others

The Central Bank of Nigeria has directed commercial banks to place a post-no-debit on the bank accounts of 38 companies over alleged transactional misconducts.

The affected accounts belong to betting companies, bureau de change companies and some logistics companies, according to a report by The Cable on Saturday.

The report notes that one of the companies, Premier Lotto, is owned by Adebutu Kessington, a Nigerian businessman popularly known as “Baba Ijebu.”

The report stated that the companies were being accused of forex infractions, moving forex abroad without the required authorisation and “economic sabotage.”

In a September 4 memo signed by the Director of Banking Supervision, Bello Hassan, read, “You are hereby required to place the under listed accounts on post-no-debit with immediate effect and revert with the account names, numbers, currencies and balances of all accounts placed on PND.”

A post-no-debit means that all debit transactions, including ATMs and cheques, on the accounts have been blocked but money can be deposited into the accounts.

Some of the affected companies are Premier Lotto Limited, 3D Scanners Bureau De Change Limited, Blue Wall Nigeria Limited, JNFX International Limited and Northline Limited.

Others are SV Gaming Limited, R&S Lotto Limited, TM Gaming Networks Limited, Escale Oil and Gas Limited, Barkoli Trading Company Limited, Godoni Enterprises Limited.

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