Why CBN freezed accounts 18 companies

Full list of 18 companies ban by CBN
CBN Governor, Godwin Emefiele

No fewer than 18 companies in the country has been placed on a post-no-debit on their bank account by the Central Bank of Nigeria (CBN).

The apex bank directed all banks across the federation to with immediate effect comply to the directive.

iBrandTV gathered that a post-no-debit requires that all debit transactions, including ATMs and cheques, on the accounts, have been blocked but can receive inflows.

In 2020, CBN also instructed banks to freeze accounts of 38 companies, including premier Lotto, owned by Adebutu Kessington, a Nigerian businessman popularly known as “Baba Ijebu”.

However, in a circular signed by Haruna B. Mustapha, Director of Banking Supervision, it stated that, “You are hereby directed to place all accounts of the under-listed customers on Post-No-Debit (PND) restriction.”

The companies involved include Bakori Mega Services, Ashambrakh General Enterprise, Namuduka Ventures Limited, Crosslinks Capital and Investment Limited, IGP Global Synergy Limited, Davedan Mille Investment Limited and Urban Laundry.

Others are Advanced Multi-Links Services Limited, Spray Resources, Al-Ishaq Global Resources Limited, Himark Intertrades, Charblecom Concept Limited, Wudatage Global Resources.

Also included are Treynor Soft Ventures, Fyrstrym Global Concepts Limited, Samarize Global Nigeria Limited, and Zahraddeen Haruna Shahru.

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Banks comment on the development

The circular did not state any reason for the action.

A check also shows that the affected accounts belong to bureaux de change (BDCs), construction firms, investment companies, laundering services, and property companies.

CBN also instructed banks to send details of the accounts.

They were indications that the action by the apex bank could be connected to the ongoing clampdown on illegal foreign exchange trading since the ban on forex sales to BDCs.

Last Friday, the apex also threatened to revoke licences of microfinance banks dealing in foreign exchange (FX) transactions.


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