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Adebutu Kessington (Aka Baba-Ijebu) In Trouble as CBN Freezes Company's Account

The Central Bank of Nigeria has frozen the bank accounts of 38 Nigerian companies.

The Nigerian Central Bank has frozen 38 Nigerian companies' bank accounts. This is as the parallel market shortage in the week pushed the Naira down to the US dollar N465.

Currently, Nigeria is facing one of the largest dollar crunches in recent years with the effect affecting vital economic sectors.

Bello Hassan,CBN's Director of Banking Supervision, asked banks in a circular dated September 4 to put the accounts of the 38 companies on Post-No-Debit (PND) order

"Hereby you are expected to immediately place the accounts listed below on Post-No-Debit and return with the account names, numbers, currencies and balances of all accounts put on PND.

"Note that only the listed entities should be put on PND, it excludes all associated accounts. Your response should be submitted to the email addresses underlined [email protected] or [email protected], "part of the circular said.

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

The step by the apex bank comes months after the start of an inquiry by the Economic and Financial Crimes Commission into Adebutu 's activities for suspected tax evasion and economic sabotage.

According to PREMIUM TIMES, Segun, Premier Lotto was detained at the EFCC office in Lagos in January with one of Adebutu 's children and other management officials.

The investigation was made in response to the petition made by Western Lotto, a late Buruji Kashamu-owned betting firm, according to commission officials.

PREMIUM TINES quoted EFCC sources saying the N5bn revenue had been reported which was supposed to have been transferred to the Government of Nigeria but was supposed to remain with the company.

The inquiry will also include other betting firms and include complaints of unfair activities and of the alleged theft of funds from winning customers by such businesses.

Content created and supplied by: Rangoo (via Opera News )

Adebutu Kessington Bello Hassan CBN Naira Nigerian Central Bank


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