CBN has ordered banks to freeze the accounts of 18 companies

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CBN publishes new permit

The Central Bank of Nigeria (CBN) has ordered banks to impose a post-no-debit restriction on 18 companies’ bank accounts.

Despite the fact that the CBN provided no official reason for the action, the list of companies provided by the central bank shows that the affected accounts belong to bureau de change firms, construction firms, property firms, investment firms, and others.

The post-no-debit restriction has the effect of blocking all debit transactions on these accounts, including those made with Automated Teller Machines (ATMs) and checks, even though the accounts can still receive funds.
Haruna Mustapha, the CBN’s Director of Banking Supervision, signed the document on August 19.
A circular dated Thursday contained this directive.
What is being said in the CBN circular

“You are hereby directed to place all accounts of the under-listed customers on Post-No-Debit (PND) restriction,” the CBN circular reads in part.

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 are among the companies involved in the project.

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Advanced Multi-Links Services Limited, Spray Resources, Al-Ishaq Global Resources Limited, Himark Intertrades, Charblecom Concept Limited, Wudatage Global Resources, Treynor Soft Ventures, Fyrstrym Global Concepts Limited, Samarize Global Nigeria Limited, and Zahraddeen Haruna Shahru are some of the others.

All banks have been instructed to send account numbers, currencies, and balances for all accounts of the above-mentioned companies to CGY ANG@CBN.GOV.NG, according to the apex bank.

What you should know

  • It can be recalled that in a similar circumstance, the CBN, in September 2020, instructed all deposit money banks to freeze the accounts of 38 companies, including Premier Lotto owned by Adebutu Kessington, for suspected foreign exchange infractions.
  • Also, a few days ago, a federal high court in Abuja, granted CBN’s request to freeze the account of 4 fintech firms for alleged illegal foreign exchange activities. The companies included Bamboo Systems Technology Limited, Chaka Technologies Limited and others.
  • Meanwhile, the CBN has cautioned microfinance banks against performing certain non-permissible activities, which include wholesale backing and foreign exchange transactions.
  • The apex bank warned that it would continue to monitor developments in the MFB sector and apply stringent regulatory sanctions for violations of extant regulations, including revoking licences.

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