"> Baba Ijebu, Premier Lotto, Others Accounts Frozen By CBN - Sahel Standard
September 22, 2020
Business News

Baba Ijebu, Premier Lotto, Others Accounts Frozen By CBN

The Central Bank of Nigeria has ordered banks to freeze the accounts of 38 Nigerian companies, including Premier Lotto, owned by bussinessman Kessington Adebutu, a.k.a Baba Ijebu.

According to a circular of 4 September, Bello Hassan, CBN’s Director of Banking Supervision, asked banks to place the accounts of the 38 companies on Post-No-Debit (PND) order.

“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.

“Note that only the listed entities should be placed on PND, all related accounts are excluded. Your response should be forwarded to the underlisted email addresses Osoladipo@cbn.gov.ng or moabeng@cbn.gov.ng,” part of the circular read.

Some of the affected companies are 3D Scanners Bureau De Change Limited, Blue Wall Nigeria Limited, JNFX International Limited and Northline Limited.

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

This is the second time the authorities will beam the searchlight on Premier Lotto.

The company, along with KC Gaming, a.k.a Bet9Ja was probed early this year by the EFCC for tax evasion.

After the probe, the two companies paid N1billion into the treasury.

A breakdown of the payments shows that Premier Lotto (Baba Ijebu) remitted N833,333,494.58, while KC Gaming (Bet9ja) remitted N166,666,827.92.

According to the EFCC, the N1 billion was the arrears of debt the lotto companies owed the Nigerian treasury.

They were supposed to remit 20 per cent of their turnover to government through National Lottery Trust Fund, NLTF as required by law.

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