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CBN Freezes Baba Ijebu, Other Companies’ Bank Accounts As Dollar Scarcity Bites Harder In Nigeria

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

This is as scarcity of dollars at the parallel market during the week forced the naira down to N465 against a United States dollar.

Nigeria is presently facing one of its biggest dollar crunch in recent years with the impact hurting critical sectors of the economy.

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

“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.

“Note that only the listed entities should be placed on PND, all related accounts are excluded. Your response should be forwarded to the underlisted email addresses Osoladipo@cbn.gov.ng or moabeng@cbn.gov.ng,” part of the circular read.

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

The move by the apex bank comes months after the Economic and Financial Crimes Commission launched an investigation into the activities of Adebutu for alleged tax fraud and economic sabotage.

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

According to officials of the commission, the investigation was as a result of a petition submitted by Western Lotto, another betting company run by late Buruji Kashamu.

PREMIUM TIMES quoted EFCC sources as saying that they had identified N5bn revenue that should have been remitted to the Nigerian Government but was allegedly kept aside by the company.

The probe might be expanded to include other betting companies and investigate claims of sharp practices and how some firms allegedly withhold funds from winning customers.


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

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FG announces zamfara a restricted air space

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FG announces Zamfara a restricted air space, orders huge military deployment.

The Nigerian government has forced a restricted air space in Zamfara as a feature of endeavors to handle the security challenges in the state.

As indicated by The Cable, the National Security Adviser (NSA), Babagana Monguno uncovered on Tuesday, March 2, that President Muhammadu Buhari has restricted mining exercises in Zamfara to stop the rising instability.

He said the president had requested the service of protection to convey a huge military and insight resources for reestablish routineness in the state. The Nation detailed that they requested the military to recover all regions heavily influenced by desperados, radicals.

Monguno said:

“We can no longer avoid to lose lives while operating within the legalities. We are not going to blackmailed . The government has the responsibility to assert its will.

“Citizens can reside wherever they want to reside . Anybody who is a criminal should be brought to book.”

The security adviser stated that the president also warned against ethnic profiling.Zamfara state has recorded a few assaults by bandits.The new incident included the grabbing of many young ladies from the Government Girls Secondary School in Jangebe, Talatu-Mafara nearby government zone of the state.

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Igboho promises a protest if his accounts are not released

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Self-acclaimed political dissident, Mr. Sunday Adeyemo, otherwise called Sunday Igboho, on Tuesday, blamed the Federal Government for freezing his financial assets, following his assault on the fulani herdsmen in Oyo State.

Igboho, who addressed Vanguard, affirmed that all his financial asset have been frozen by the Federal Government since certain individuals were gathering donations.

Nonetheless, Igboho said he had no hands in the said donations, cautioning that his records should be released to dodge protest by young people across the South-West area.

His words: “They have frozen my bank accounts because I am fighting a just course.

I know Yoruba people are behind me.“I will not relent. I must achieve my aims by putting an end to criminalities in Yorubaland.

“If they refuse to release my accounts, there will be serious protests across the South-West.

“Yes, the Yoruba are living in fear. They are afraid that the killer-herdsmen might attack them.

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IGP adamu retires

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Adamu enrolled in the Police Force on February 2, 1986.

The IGP who will turn 60 on September 17, was appointed IGP in January 2019. He has gone through two years in office.

Three Deputy Inspectors-General of Police (DIGs) and 10 Assistant Inspectors-General of Police (AIGs) are additionally due for retirement with him today.

It is accepted that there is a mission to broaden Adamu’s residency.

However, some have contended against such expansion, since it would negate the arrangements of the Police Act 2020 that fixes the retirement of cops at 60 years old or 35 years of administration.

Section 18(8) of the new Act states: “Every police officer shall, on recruitment or appointment, serve in the Nigeria Police Force for 35 years or until the age of 60 years, whichever is earlier.”

The Act provides for a tenure of four years for the Inspector General of Police.

Section 7, subsection 2 of the Act provides that: “The person to be appointed as Inspector General of Police shall be a senior police officer not below the rank of Assistant Inspector General of Police with the requisite academic qualification of not less than a first degree or its equivalent, in addition to professional or management experience.”

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