I can’t imagine waking up one morning to my account being blocked, not just blocked for a week or two but for 2years, now the question is how much will they block in the account? enough about me and my financial crisis.
The Central Bank of Nigeria (CBN) has just instructed banks to remove the post-no-debit restriction placed on 440 bank accounts of companies and individuals.
CBN instructed banks to block the accounts of some individuals and companies in 2021 following the claim of investigating illegal foreign exchange transactions on the accounts, granted by the federal high court in Abuja.
18 enterprises accounts including Bureau de Change, construction firms, investment firms, laundering services, real estate firms, and some fintech companies got frozen by their banks as directed by CBN for 180 days (6 months) which turned into 2 years.
When there’s a post-no-debit restriction on an account it means the account holder cannot carry out debit transactions, over the counter, through ATMs, transfers, or even a Cheque slip. Money cannot leave the account, but the account can receive inflows.
some of the companies affected by this restriction 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.
Other included companies were Advanced Multi-Links Services Limited, Spray Resources, Al-Ishaq Global Resources Limited, Himark Intertrades, Charblecom Concept Limited, and Wudatage Global Resources. Treynor Soft Ventures, Fyrstrym Global Concepts Limited, Samarize Global Nigeria Limited, and Zahraddeen Haruna Shahru.
The 2-year-old restriction was finally lifted on Tuesday, July 26, 2023, in a circular signed by A.M. Barau on behalf of the CBN director of banking supervision who also asked banks to inform owners of the ban lift.
Some of the companies on the list include Bamboo Systems Technology Limited, Escale Oil & Gas Limited, Rise Vest Technologies Limited, Chaka Technologies Limited, abokiFX Limited, Nairabet International, Northwood Energy Services, and Proport Marine Limited. Bamboo Systems Technology Limited, Escale Oil & Gas Limited, Rise Vest Technologies Limited, Chaka Technologies Limited, abokiFX Limited, Nairabet International, Northwood Energy Services and Proport Marine Limited.