CBN partially lifts freeze on bank accounts of Baba Ijebu, 37 others | Ripples Nigeria
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CBN partially lifts freeze on bank accounts of Baba Ijebu, 37 others

CBN partially lifts freeze on bank accounts of Baba Ijebu, 37 others

The Post-No-Debit order placed on accounts of 38 companies, including that of Baba Ijebu, a betting company, has been lifted partially by the Central Bank of Nigeria (CBN).

The apex bank said it ordered for the partial lifting of the freezing directive to allow the companies to pay for winnings and salaries of their workers.

The new directive was contained in a document jointly signed by Jeremiah Abue, the CBN director, governors’ department and Bello Hassan, its director, banking supervision.

The apex bank said in the directive, “Please note that the Post-No-Debit restriction on the accounts is still in place, subject to the identified exceptions.

“Accordingly, no other transaction should be processed for any of the companies during the period of this waiver.

READ ALSO: CBN freezes accounts belonging to Premier Lotto, 37 others over forex infractions

“You are to open a subsidiary account from where payment of winnings, salaries and other restricted operational expenses such as purchase of diesel (other overhead expenses) will be passed into weekly.

“The debit on the subsidiary account will be vetted by the Central Bank of Nigeria and swept into the main account after approval from the CBN.”

It added that a weekly report should be sent to the CBN for approval.

The bank had on September 4, 2020, directed in a circular signed by Hassan, that banks should place the accounts of the 38 companies on Post-No-Debit order.

One of the companies affected was Premier Lotto, otherwise known as Baba Ijebu, whose owner is Adebutu Kessington.

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