Why CBN freeze Baba Ijebu’s account, others

OrijoReporter.com, Baba Ijebu account

The Central Bank of Nigeria, CBN, has ordered commercial banks to place a post-no-debit on accounts of 38 companies including Premier Lotto, a lottery company owned by Adebutu Kessington, better known as Baba Ijebu.

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The sensational order, according to The Cable, is consequence of forex infraction by the companies.

In Premier Lotto’s case, the publication said the gaming company under the guise of procuring software sourced $420m from the black market and moved it abroad.

It however turned out that the money ended in various accounts of the company’s directors offshore.

“The forex was sourced from the black market, thereby putting pressure on the exchange rate.

“The gaming companies are awash with naira which sit in their bank accounts, so they devised a way of moving the funds abroad,” it quoted a source as saying.

Others include, SV Gaming Limited, R&S Lotto Limited, TM Gaming Networks Limited, Escale Oil and Gas Limited, Barkoli Trading Company Limited, Godoni Enterprises Limited.

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