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Forex Infractions: CBN freezes accounts of ‘Baba Ijebu’, and 37 others

Nigeria’s apex bank, the Central Bank of Nigeria has instructed banks to place a post-no-debit on the bank accounts of 38 companies including the popular betting outfit Premier Lotto, known to many as Baba Ijebu.

The affected accounts belong mostly to betting companies, bureau de change companies and a few other logistics companies.

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

A 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.

Apart from Premier Lotto Limited, other affected companies include 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.