CBN Directs Banks To Freeze Accounts Of 38 Companies For Alleged “Forex Abuse”

A memo circulating online (see below) indicates the central bank has instructed banks to Post-No-Debit on account of 38 companies.
A Post-No-Debit (PND) is basically an instruction to banks not to allow any withdrawals or transfers from the bank account of account owners, essentially blocking the account from outflows.
It is usually drastic a measure taken to allow for investigation and possible to reclaim any illegal inflow into an account.
The CBN did not state why the accounts were flagged but TNL learnt that the move by the apex bank comes months after the Economic and Financial Crimes Commission launched an investigation into the activities of Adebutu for alleged tax fraud and economic sabotage.
The CBN Instruction read as follows;
“You are hereby required to place the under listed accounts on Post-No-Debit with immediate effect and revert with the account names, numbers, currencies, and balances of all accounts placed on PND.”

Credit: Thenigerianlawyers.com