CBN Lifts Account Restriction on 440 Customers

The Central Bank of Nigeria (CBN) has directed banks to remove a post-no-debit restriction from the bank accounts of 440 individuals and companies. This comes two years after the apex bank instructed banks to freeze accounts of 18 companies, including bureaux de change (BDCs), construction firms, investment companies, laundering services, and property companies.

Among the affected companies at the time were 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, among others.

Now, Bamboo Systems Technology Limited, Escale Oil & Gas Limited, Rise Vest Technologies Limited, Chaka Technologies Limited, abokiFX Limited, Nairabet International, Northwood Energy Services, Proport Marine Limited, and more have been listed.

Banks have received a circular signed by A.M. Barau on behalf of the CBN director of banking supervision, instructing them to vacate the initial directive and notify the concerned customers accordingly. No reason was provided for the new directive.

The CBN's decision to lift the post-no-debit restriction has not been accompanied by a public explanation for the change. The affected individuals and companies have been notified to resume normal banking operations, but the sudden reversal without an official statement has left some questions unanswered.