By Jeph Ajobaju, Chief Copy Editor
Eighteen companies have had their bank accounts blocked in a directive given by the Central Bank of Nigeria (CBN), meaning they cannot make withdrawals, even as the regulator refuses to explain why it took the decision.
A circular signed by CBN Director of Banking Supervision Haruna Mustapha “directed [the banks] to place all accounts of the under-listed customers on Post-No-Debit (PND) restriction” and to send in details of the accounts, per TheCable.
In banking jargon, post-no-debit means the accounts can receive inflows but all debit transactions – ATM, POS, cheque, et cetera – are blocked.
The companies are
1. Bakori Mega Services
2. Ashambrakh General Enterprise
3. Namuduka Ventures Limited
4. Crosslinks Capital and Investment Limited
5. IGP Global Synergy Limited
6. Davedan Mille Investment Limited
7. Urban Laundry
8. Advanced Multi-Links Services Limited
9. Spray Resources
10. Al-Ishaq Global Resources Limited
11. Himark Intertrades
12. Charblecom Concept Limited
13. Wudatage Global Resources
14. Treynor Soft Ventures
15. Fyrstrym Global Concepts Limited
16. Samarize Global Nigeria Limited
17. Zahraddeen Haruna Shahru
TheCable reports that it is not clear why the CBN took the decision, as a spokesperson did not respond to phone calls and a text message.
Previous account blockages
The CBN had on April 7 frozen 11 bank accounts of five companies and an individual for 45 days to enable it investigate suspicious activities.
On April 10, it froze 194 bank accounts owned by Bureaux De Change (BDCs) and other organisations to investigate suspicious activities.
Last year, the CBN instructed banks to freeze accounts of 38 companies, including Premier Lotto owned by Adebutu Kessington popularly known as “Baba Ijebu”.
Advanced Multi-Links Services registered as a general contract and merchandise in July 2017.
Urban Laundry, a laundry and cleaning services, was registered in December 2018.
The blocked accounts in the latest CBN directive belong to BDCs, construction firms, investment companies, laundering services, and property companies.
TheCable explains that the action may be connected with the clampdown on illegal foreign exchange (forex) trading since the ban on forex sales to BDCs.
Last week, the CBN got a court order to freeze the accounts of four tech trading platforms over alleged illegal forex transactions and cryptocurrency trading.
The platforms deny wrongdoing.
The CBN on August 20 threatened to revoke the licences of microfinance banks dealing in forex transactions.
