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Sunday, September 6, 2020

CBN freezes 38 firms’ accounts over forex infractions, others

 

The Central Bank of Nigeria has instructed banks to place a post- no - debit on the bank accounts of 38 companies.


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


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. ”


Sources said that one of the gaming companies moved $420m abroad under the guise of purchasing software but the funds were later traced to the foreign accounts of some of the directors of the company.


“ The forex was sourced from the black market, thereby putting pressure on the exchange rate.


“ The gaming companies are awash with naira which sit in their bank accounts , so they devised a way of moving the funds abroad , ” a source said .


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 .


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

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