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CBN directs banks to block accounts of 18 companies – Nairametrics

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The Central Bank of Nigeria (CBN) has directed banks to place a post-no-debit restriction on the bank accounts of 18 companies.

Although no official reason was given by the CBN for the action, the list of companies provided by the apex bank shows that the affected accounts belong to bureau de change firms, construction firms, property companies, investment firms, others.

The implication of the post-no-debit restriction means that all debit transactions including with Automated Teller Machines (ATMs) and cheques, on these accounts, have been blocked, although the accounts can still receive funds.

This directive was contained in a circular dated Thursday, August 19 and signed by the Director of Banking Supervision, CBN, Haruna Mustapha.

Investment One

What the CBN circular is saying

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

“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, Treynor Soft Ventures, Fyrstrym Global Concepts Limited, Samarize Global Nigeria Limited, and Zahraddeen Haruna Shahru.”

The apex bank also directed all the banks to send account numbers, currencies and balances of all accounts of the above listed companies to CGY [email protected]

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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