CBN freezes accounts of ‘Baba Ijebu’, others, over forex infractions

The Central Bank of Nigeria (CBN) has instructed banks to place a post-no-debit (PND) on the bank accounts of 38 companies including Premier Lotto, owned by Adebutu Kessington, popularly known as “Baba Ijebu”.

The affected are being accused of forex infractions, moving forex abroad without the required authorisation, and “economic sabotage”.

The September 4 memo signed by Bello Hassan, director of banking supervision, 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 other affected companies are 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.