The Central Bank of Nigeria (CBN) has directed financial institutions to place a post-no-debit (PND) on the bank accounts of 38 companies for forex infractions.
PND means that all debit transactions, including ATMs and cheques, on the accounts have been blocked but money can be deposited into the accounts.
According to a report by The Cable, the affected accounts belong to betting companies, bureau de change companies and some logistics companies, the have operated against the CBN Forex policies
One of the companies, Premier Lotto, is owned by Adebutu Kessington, a Nigerian businessman popularly known as “Baba Ijebu.”
The report further revealed that the companies were being accused of forex infractions, moving forex abroad without the required authorisation and “economic sabotage.”
Sources revealed that one of the gaming companies sourced $420m from the black market and moved same 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 gaming companies are awash with naira which sit in their bank accounts, so they devised a way of moving the funds abroad,” a source disclosed.
Nigerian Banker reported that the apex bank had in a September 4 memo signed by the Director of Banking Supervision, Bello Hassan, stated, “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.”
Some of the affected companies includes: 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.