CBN Lifts Post No Debit On 440 Accounts

The Central Bank of Nigeria (CBN) has lifted the Post No Debit (PND) that was placed on the accounts of 440 individual and corporate account holders of banks in the country. 

The accounts whose PND restriction were lifted included that of betting, energy, technology, and fintech firms.

A letter dated July 25, 2023, signed by A.M. Barau on behalf of the CBN director of banking supervision, and issued to all banks in the country, directed that all PNDs on the 440 accounts be vacated.

PND is a restriction on an account which stops an account holder from carrying out debit card transactions, money transfer out of the account, and check transactions. When an account is placed on Post No Debit, it means the customer cannot conduct any banking transactions in the country of jurisdiction.

On the list of the 440 account holders that the CBN directed that banks vacate the PND 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, among others.

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In 2021, CBN instructed banks to freeze the accounts of 18 companies, ranging from 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 had their bank accounts unfrozen by the apex bank.