CBN Unfreezes Bank accounts of 440 Persons and Companies

The Central Bank of Nigeria has unfrozen the bank accounts of 440 individuals and companies.The Apex bank directed other banks to vacate a post-no-debit restriction placed on the bank accounts.This is coming two years after the Central bank instructed banks to freeze accounts of 18 companies, ranging from bureaux de change (BDCs), construction firms, investment companies, laundering services, and property companies.The affected companies at the time include 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, Wudatage Global Resources, Treynor Soft Ventures, Fyrstrym Global Concepts Limited, Samarize Global Nigeria Limited, and Zahraddeen Haruna Shahru.Bamboo Systems Technology Limited, Escale Oil & Gas Limited, Rise Vest Technologies Limited, Chaka Technologies Limited, abokiFX Limited, Nairabet International, Northwood Energy Services, Proport Marine Limited, among others were also on the list.Banks have now been directed to vacate the initial directive via a circular signed by A.M. Barau on behalf of the CBN director of banking supervision. The CBN also asked banks to notify the concerned customers of the development. No reason was given for the new directive.It read;“You are hereby directed to vacate the Post-No-Debit restriction placed on the accounts ofthe underlisted bank customers at our instance. You are also required to inform the concerned customers of the vacation accordingly.”