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CBN directs banks to place liens on 18 firms, prohibits MFBs from forex transactions

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The Central Bank of Nigeria (CBN) has directed banks to place a post-no-debit on the bank accounts of 18 companies just as it warned Microfinance Banks against transacting forex business.

A post-no-debit means that all debit transactions, including ATMs and cheques, on the accounts, have been blocked but can receive inflows.

In a circular signed by the CBN Director of banking superrvision, Haruna B. Mustapha, directed banks to send details of the accounts of the effected companies.

Last year, CBN also instructed banks to freeze accounts of 38 companies, including premier Lotto, owned by Adebutu Kessington, a Nigerian businessman popularly known as “Baba Ijebu”.

“You are hereby directed to place all accounts of the under-listed customers on Post-No-Debit (PND) restriction,” the circular reads.

The affected companies include Bakori Mega Services, Ashambrakh General Enterprise, Namuduka Ventures Limited, Crosslinks Capital and Investment Limited, IGP Global Synergy Limited, Davedan Mille Investment Limited and Urban Laundry.

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Others are Advanced Multi-Links Services Limited, Spray Resources, Al-Ishaq Global Resources Limited, Himark Intertrades, Charblecom Concept Limited, Wudatage Global Resources.

Also included are Treynor Soft Ventures, Fyrstrym Global Concepts Limited, Samarize Global Nigeria Limited, and Zahraddeen Haruna Shahru.

The regulatory bank did not state any reason for the action.

The affected accounts belong to bureaux de change (BDCs), construction firms, investment companies, laundering services, and property companies.

In another circular signed by the regulatory bank director of Financial policy and Regulation, Ibrahim Tukur, CBn said MFBs are strickly prohibited from foreign exchange transactions.

The regulator said MFBs are primarily focus on providing financial service to retail and micro client.

The CBN stated that MFBs are to grant N500,000 tier 2 MFBs and maximum of N1 million for other categories.





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