CBN lifts ban on abokiFX, Bamboo, Risevest and 437 bank accounts

The Central Bank of Nigeria has directed banks to vacate a post-no-debit restriction placed on the bank accounts of 440 individuals and companies.

A post-no-debit means that all debit transactions, including ATMs and cheques, on the accounts have been blocked but can receive inflows.

The circular, signed by A.M. Barau on behalf of the CBN director of banking supervision, on Tuesday, also instructed banks to notify the concerned customers of the development.

The apex bank did not state any reason why this action was taken.

The circular read, “You are hereby directed to vacate the Post-No-Debit restriction placed on the accounts of the under-listed bank customers at our instance. You are also required to inform the concerned customers of the vacation accordingly."

Recall that in 2021, a federal high court in Abuja granted the request of the CBN under the leadership of Godwin Emefiele to freeze the accounts of companies, ranging from bureaux de change, construction firms, investment companies, laundering services, and property companies.

According to the court document, the financial regulator was investigating ‘illegal foreign exchange transactions’ by the affected companies, which were weakening the naira. The companies were accused of carrying out forex operations to the detriment of the naira, which had been on a free-fall due to economic strains.

On the other hand, the accounts of the 440 individuals were blocked on the allegation that they were used to carry out cryptocurrency transactions and other forex operations that the Central Bank said were sabotaging the naira’s stability.

Some of the affected companies include Bamboo Systems Technology Limited, Rise Vest Technologies Limited, Chaka Technologies Limited, abokiFX Limited, Nairabet International, 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 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 were also included.