CBN Unfreezes 440 Bank Accounts, Including Bamboo, Nairabet, AbokiFX

The Central Bank of Nigeria (CBN) has issued a directive to banks, instructing them to lift the post-no-debit restrictions on the bank accounts of 440 individuals and companies. The post-no-debit restriction implies that all debit transactions, including ATM withdrawals and cheque payments, were temporarily blocked on these accounts, but they could still receive incoming funds.

The circular, signed by A.M. Barau on behalf of the CBN director of banking supervision, on Tuesday, further mandated the banks to inform the affected customers about this development. The central bank did not provide any reasons for the action taken.

The list comprises several companies, such as Bamboo Systems Technology Limited, Escale Oil & Gas Limited, Rise Vest Technologies Limited, Chaka Technologies Limited, abokiFX Limited, Nairabet International, Northwood Energy Services, Proport Marine Limited, and more.

The circular reads. “You are hereby directed to vacate the Post-No-Debit restriction placed on the accounts of the underlisted bank customers at our instance. You are also required to inform the concerned customers of the vacation accordingly.”

During 2021, the CBN issued instructions to banks to place a freeze on the accounts of 18 companies. These companies belonged to diverse sectors, including bureaux de change (BDCs), construction firms, investment companies, laundering services, and property companies.

Other list of the affected companies encompassed Bakori Mega Services, Ashambrakh General Enterprise, Namuduka Ventures Limited, Crosslinks Capital and Investment Limited, IGP Global Synergy Limited, Davedan Mille Investment Limited, Urban Laundry, 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.

Back story

The CBN earlier issued a directive to banks to implement a post-no-debit (PND) restriction on the bank accounts of 18 companies. This restriction blocks all debit transactions, including ATM withdrawals and cheque payments, while still allowing inflows to the accounts.

Also, the CBN had already instructed banks to freeze accounts of 38 companies, which included prominent businesses like Premier Lotto, owned by Adebutu Kessington, also known as “Baba Ijebu.”

The affected companies were from various sectors, including bureaux de change (BDCs), construction firms, investment companies, laundering services, and property companies.

The reason behind the CBN’s action was not explicitly stated in the circular. However, it is suspected that it might be linked to the ongoing crackdown on illegal foreign exchange trading following the ban on forex sales to BDCs.