CBN freezes 38 Firms’ Accounts Over Forex Infractions, Others | AfriTV Online

Nigeria's central bank has instructed banks to put a post-no-debit on 38 firms' bank accounts. According to a report by The Cable on Saturday, the affected accounts belong to betting firms, bureau de changement firms and some logistics companies. One...

nigeria, cbn, business, forex

CBN freezes 38 Firms’ Accounts Over Forex Infractions, Others

Published by: O. Elijah
09/06/2020 11:41 AM

Nigeria's central bank has instructed banks to put a post-no-debit on 38 firms' bank accounts.

According to a report by The Cable on Saturday, the affected accounts belong to betting firms, bureau de changement firms and some logistics companies.

One of the businesses, Premier Lotto, is owned by the Nigerian businessman Adebutu Kessington, popularly known as "Baba Ijebu."

 

The report claimed that the companies were accused of forex infringements, moving forex abroad without the authorization needed and "economic sabotage."

Sources said one of the gaming companies moved $420m outside under the guise of buying software but the funds were later traced to some of the company's directors' foreign accounts.

"The forex originated from the black market, putting pressure on the exchange rate.

"Gaming firms are awash with naira sitting in their bank accounts, so they've built a way to move funds abroad," said a source.

 

In a memo signed by the Director of Banking Supervision, Bello Hassan, on September 4, it read, "You are required to immediately position the accounts listed below on post-no-debit and to return with the account names, numbers, currencies and balances of all accounts placed on PND" 

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

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

 

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

The apex bank said that only the listed companies should be put on PND adding excluding all related accounts.

 

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