The Central Bank of Nigeria (CBN) has announced the partial lifting of the restrictions on the bank accounts of Premier Lotto (Baba Ijebu) and other 37 Nigerian companies.
The CBN had earlier order banks to freeze all accounts related to the 38 Nigerian companies for different financial offenses.
In a new development, the CBN has issued a fresh directive to banks, in a statement jointly signed by Jeremiah Abue, Director, Governors’ Department; and Hassan, the apex bank said the partial lifting follows the plea by the companies to enable them to pay winnings and salaries of staff.
“However, please note that the Post-No-Debit restriction on the accounts is still in place, subject to the identified exceptions.
“Accordingly, no other transaction should be processed for any of the companies during the period of this waiver.
“You are to open a subsidiary account from where payment of winnings, salaries, and other restricted operational expenses such as the purchase of diesel (other overhead expenses) will be passed into weekly. The debit on the subsidiary account will be vetted by the Central Bank of Nigeria and swept into the main account after approval from the CBN,” the directives by the CBN reads.
The apex bank also directed that a weekly report should be sent to the CBN for approval.