In News by stephen abiodun on the 05th, September, 2020

CBN Freezes Baba Ijebu’s Account And 37 Others For Alleged Fraud And Financial Sabotage

CBN Freezes 38 Accounts

The Central Financial institution of Nigeria has frozen the financial institution accounts of 38 Nigerian corporations.

That is as shortage of on the parallel market through the week pressured the naira all the way down to N465 towards a United States greenback.

Nigeria is presently going through considered one of its largest greenback crunch lately with the affect hurting crucial sectors of the economic system.

In a round dated September four, Bello Hassan, CBN’s Director of Banking Supervision, requested banks to put the accounts of the 38 corporations on Submit-No-Debit (PND) order

“You might be hereby required to put the below listed accounts on Submit-No-Debit with instant impact and revert with the account names, numbers, currencies and balances of all accounts positioned on PND.

“Notice that solely the listed entities must be positioned on PND, all associated accounts are excluded. Your response must be forwarded to the underlisted electronic mail addresses Osoladipo@cbn.gov.ng or moabeng@cbn.gov.ng,” a part of the round learn.

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

The transfer by the apex financial institution comes months after the Financial and Monetary Crimes Fee launched an investigation into the actions of Adebutu for alleged tax fraud and financial sabotage.

In line with PREMIUM TIMES, Segun, considered one of Adebutu’s youngsters and different administration officers of Premier Lotto have been in January detained on the EFCC workplace in Lagos.

In line with officers of the fee, the investigation was on account of a petition submitted by Western Lotto, one other betting firm run by late Buruji Kashamu.

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PREMIUM TIMES quoted EFCC sources as saying that they’d recognized N5bn income that ought to have been remitted to the Nigerian Authorities however was allegedly stored apart by the corporate.

The probe is likely to be expanded to incorporate different betting corporations and examine claims of sharp practices and the way some corporations allegedly withhold funds from successful clients.

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