Central Bank of Nigeria Headquarters, Abuja, FCT

Alleged Forex Infractions: CBN orders banks to produce account statements of company owners

*Betting company owners accused of ‘economic sabotage’ and Forex infractions by transferring money overseas without authorisation

Isola Moses | ConsumerConnect

For alleged Foreign Exchange (Forex) violations, the Central Bank of Nigeria (CBN) has ordered certain Deposit Money Banks (DMBs) in the country to produce account statements of some betting company owners.

  1. Markus, who in a statement issued Tuesday, September 15, on behalf of Bello Hassan, Director of Banking Supervision at the CBN, said the deadline is 4:00 p.m. of Wednesday, September 16, 2020.

Among the affected company owners are Adebutu Kessington and Akin Alabi, the owners of Premier Lotto, a.k.a ‘Baba Ijebu’, and NairaBET respectively.

Adebutu’s sons, some bureau de change, and logistics companies are also affected by the apex bank’s directives to the DMBs.

Early in September, the CBN had placed a post-no-debit on the bank accounts of 38 companies.

The affected companies included 3D Scanners Bureau De Change Limited, Blue Wall Nigeria Limited, JNFX International Limited and Northline Limited, SV Gaming Limited.

Others are Premier Lotto, R&S Lotto Limited, TM Gaming Networks Limited, Escale Oil and Gas Limited, Barkoli Trading Company Limited and Godoni Enterprises Limited.

Hassan had stated in a memo to banks that “you are hereby required to place the under listed accounts on post-no-debit with immediate effect and revert with the account names, numbers, currencies and balances of all accounts placed on PND.”

The companies are being accused of forex infractions, moving forex abroad without the required authorisation and “economic sabotage.”

In the allegation, a betting company reportedly moved $420million abroad under the pretext of purchasing software.

However, the funds were traced to the foreign accounts of its Directors.

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