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List of company accounts, CBN ask banks to block



The Central Bank of Nigeria has directed banks to place a post-no-debit restriction on the bank accounts of 18 companies.

A post-no-debit restriction means that all debit transactions, including Automated Teller Machines and cheques, on these accounts, have been blocked but can receive inflows.

The directive was contained in a circular dated August 18 and signed by the Director of Banking Supervision, CBN, Haruna Mustapha

The circular read in part, “You are hereby directed to place all accounts of the under-listed customers on Post-No-Debit restriction.

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.

Others are, “Advanced Multi-Links Services Limited, Spray Resources, Al-Ishaq Global Resources Limited, Himark Intertrades, Charblecom Concept Limited, Wudatage Global Resources, Treynor Soft Ventures, Fyrstrym Global Concepts Limited, Samarize Global Nigeria Limited, and Zahraddeen Haruna Shahru.

The report also notes that the apex bank did not provide any reason for the action in the circular.

However, the affected accounts belong to bureaux de change, construction firms, investment companies, laundering services, and property companies.

Meanwhile, the CBN has cautioned microfinance banks against performing certain non-permissible activities, which include wholesale backing and foreign exchange transactions.

This was contained in a circular titled, ‘Circular to all microfinance banks,’ released on Friday by Ibrahim Tukur on behalf of CBN’s Financial Policy and Regulation Department.

The circular read, “The Central Bank of Nigeria has observed the activities of some Microfinance Banks that have gone beyond the remit of their operating licence by engaging in non-permissible activities, especially wholesale backing, foreign exchange transactions and others.

“Given the comparatively low capitalisation of MFBs, dealing in wholesale and/or foreign exchange transactions are a significant risk with dire consequences for financial system stability.

“It has therefore become imperative to remind all MFBs to strictly comply with the extant Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria 2012.”

The apex bank warned that it would continue to monitor developments in the MFB sector and apply stringent regulatory sanctions for violations of extant regulations, including revoking licences.



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