Salaries Trapped As CBN Places ‘Post-No-Debit’ On 18 Companies (Details)

Employees and investors are currently in limbo as the Central Bank of Nigeria (CBN) has directed banks to place a post-no-debit on the bank accounts of 18 companies.

A post-no-debit means that all debit transactions, including ATMs and cheques, on the accounts, have been blocked but can receive inflows.

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This means most employees of the affected companies might not get paid.

CBN’s instruction to commercial banks is contained in a circular signed by Haruna B. Mustapha, director of banking supervision.

The circular also instructed banks to send details of the affected companies’ accounts

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No reason has been given for CBN‘s decision, however, analysts believe it could be connected to the ongoing clampdown on illegal foreign exchange trading since the ban on forex sales to Bureau De Change operators.

The circular reads: “You are hereby directed to place all accounts of the under-listed customers on Post-No-Debit (PND) restriction”.

The companies listed are 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.

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Others are Advanced Multi-Links Services Limited, Spray Resources, Al-Ishaq Global Resources Limited, Himark Intertrades, Charblecom Concept Limited, Wudatage Global Resources.

Also included are Treynor Soft Ventures, Fyrstrym Global Concepts Limited, Samarize Global Nigeria Limited, and Zahraddeen Haruna Shahru.