Scarcity of dollars hits the parallel market during the week forcing the naira down to N465 against a United States dollar.
With this development, Nigeria is faced with one of its biggest dollar crunches in recent years with the impact hurting critical sectors of the economy.
In a circular dated September 4, CBN’s Director of Banking Supervision, Bello Hassan requested banks to place the accounts of the 38 companies on Post-No-Debit (PND) order
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.
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.
Sahara Reporters 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.
A sitting governor, a former governor, a retired Air Vice Marshal, AVM and a former Skye Bank Chairman have all been named in a big fraud scandal to the tune of over six billion naira which they allegedly laundered over car deal and offshore accounts.
Customers of different commercial banks are groaning over excessive charges from their accounts. The financial institutions known as Deposit Money Banks (DMBs) in corporate parlance have reportedly introduced different deductions to increase their incomes, a development that did not go down well with customers.
The Central Bank of Nigeria (CBN) has approached the Senate to grant it powers to freeze accounts linked to criminals. The CBN made the appeal on Wednesday at a Senate Committee public hearing on its Bill for an Act to repeal the Banks and Other Financial Institutions Act (BOFIA) 2004.
