CBN Partially Lifts Freezing Of Baba Ijebu, Other Companies’ Bank Accounts

The Central Bank of Nigeria has partially lifted the freezing of bank accounts of 38 Nigerian companies.

The CBN, in a circular dated September 4, 2020 signed by Bello Hassan, CBN’s Director of Banking Supervision, asked banks to place the accounts of the 38 companies on Post-No-Debit order.

Among the companies listed by CBN is Premier Lotto owned by Adebutu Kessington, Nigerian billionaire known as Baba Ijebu.

Adebutu Kessington 'Baba Ijebu'

The move by the apex bank comes months after the Economic and Financial Crimes Commission launched an investigation into the activities of Adebutu for alleged tax fraud and economic sabotage.

In the new directive by the apex bank jointly signed by Jeremiah Abue, Director, Governors’ Department; and Hassan, the bank said the partial lifting follows the plea by the companies to enable them pay winnings and salaries of staff.

“However, 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.

“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,” the directives by the CBN reads.

The apex bank also directed that a weekly report should be sent to the CBN for approval.

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