Illegal forex export: Lotto winners panic as CBN suspends Baba Ijebu ,BetKing, Nairabet, others bank accounts

By Ayo Fadimu and Bankole Taiwo

There is palpable tension among lotto winners at the weekend as the news of the suspension of bank accounts of their gaming companies by the Central Bank of Nigeria (CBN) filtered in

”It is painful this suspension order is coming this week that I win, imagine all these years that I have been losing, let the government reconsider its stand because this is the common man’s hope of survival in this country” a pool winner who spoke in condition of anmynity told our Correspondent

The apex bank had instructed banks to place a post-no-debit on the bank accounts of 38 companies, including that of Premier Lotto belonging to Adebutu Kessington A.K.A Baba Ijebu, Betking, Nairabet among others.

The post-no-debit order is said to have affected accounts belonging to betting companies, bureau de change companies and some logistics companies.

Some of the betting game winners who spoke to our Correspondent said they are perplexed over the suspension of the betting companies as they are not sure if the companies will pay them their winning bonus.

According to reports, the companies are being accused of forex infractions, moving forex abroad without the required authorisation and “economic sabotage”.

It was reliably gathered that one of the gaming companies moved $420 million abroad under the guise of purchasing software, however, the funds were later traced to the foreign accounts of some of the directors of the company.

”The forex was sourced from the black market, thereby putting pressure on the exchange rate. The gaming companies are awash with naira which sit in their bank accounts, so they devised a way of moving the funds abroad,” the source said.

The memo signed and dated September 4 by Bello Hassan, Director of Banking Supervision, read:

”You are hereby required to place the under listed accounts on post-no-debit with immediate effect and revert with the account names, numbers, currencies and balances of all accounts placed on PND”.

According to banking terms, post-no-debit means that all debit transactions, including ATMs and cheques, on a particular account have been blocked but money can be deposited into the accounts.

Other affected companies on the CBN list are 3D Scanners Bureau De Change Limited, Blue Wall Nigeria Limited, JNFX International Limited and Northline Limited.

Others are SV Gaming Limited, R&S Lotto Limited, TM Gaming Networks Limited, Escale Oil and Gas Limited, Barkoli Trading Company Limited, Godoni Enterprises Limited.

Others include: R & S Limited (R & S Lotto), SV Gaming Ltd (BetKing), Over The Top Entertainment Limited (Nairabet), TM Gaming (Accessbet), Beaufortbet (Betabet)

According to the CBN, only the listed companies will be placed on PND, however, all related accounts are excluded.

In the meantime, the management of Western Lotto Nigeria Limited and Western Sportsbet Nigeria Limited have reiterated their commitment to promoting transparency and best global practices.

In separate statements issued on Sunday in Lagos by the management of the two companies, they expressed their commitment to conducting their businesses in line with extant regulations and laws of the land.

The companies spoke against the backdrop of the freezing of all the bank accounts of six gaming companies by the Central Bank of Nigeria (CBN)

It would be recalled that CBN over the weekend had issued “Post No Debit” order to all bank accounts of 38 betting, bureau de change and some logistics companies over some regulatory infractions

The Managing Director of Western Lotto, Dr. Olumide Adedeji said, “We wish to reassure all our stakeholders’ that we would remain committed to our core values of transparency and integrity even as we conduct our businesses in line with best global practices.

”Western Lotto will continue to conduct its operations and businesses with utmost respect for the laws of the land. Towards this end, we shall not waiver or falter on meeting our obligations to all our business partners – the regulators, agents and stakers.”

Also, the Managing Director of Western Bet, Remi Ohiorenoya assured bettors and the general public of the firm’s commitment to raising the bar in corporate governance, accountability and transparency.

”We wish to restate our renewed commitment of sticking to best global practices in our business as a going concern and raising the bar in corporate governance, accountability and transparency.

”All the stakeholders – regulators, agents and bettors – should be rest assured that we will continue to be open, transparent and play by the rules to the satisfaction of all concerned,” Ohiorenoya said.