CBN Lifts Ban On Bamboo, AbokiFX, Others’ Accounts

The Central Bank of Nigeria (CBN) has ordered banks to lift a ‘post-no-debit’ restriction that had been placed on the bank accounts of 440 individuals and companies.

This term indicates that all debit transactions, including ATM withdrawals and cheques, were blocked, although deposits could still be made.

The instruction, issued on Tuesday, was signed by A.M. Barau on behalf of the CBN director of banking supervision.

Banks have been told to inform the affected customers about this update. The CBN didn’t disclose why they took this action.

Companies that were included on this list are 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, among others.

The circular stated, “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.”

Back in 2021, the CBN ordered banks to freeze the accounts of 18 companies which included bureaux de change, construction firms, investment companies, laundering services, and property companies.

The affected companies included 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.

All 18 companies have since had their bank accounts unfrozen by the apex bank.