CBN To Sanction Banks, Gaming Companies Over Unauthorized Forex Transfers

The Central Bank of Nigeria (CBN) has moved against some banks through which some gaming companies have been making unauthorised foreign exchange transfers abroad. Consequently, the apex bank has placed a post-no-debit (PND) instruction on the bank accounts of 38 companies, including Premier Lotto Limited, SV Gaming Limited, R & S Lotto Limited, over allegations of foreign exchange manipulation.

 Apart from the gaming companies, the CBN, it was gathered would deal decisively with management of banks found culpable in the shady transactions. Already, First City Monument Bank (FCMB), through which about $420 million was reportedly moved abroad without lawful authority has been queried and asked to explain why disciplinary action, including management change, should not be taken against it.

It was learnt that there had been a lot of gaming and illegal transfers abroad by the company in collusion with some banks.

The apex bank, it was learnt, has decided to put a stop to the underhand deals in the interest of the economy. The CBN, in a letter addressed to all banks, dated September 4, 2020, and signed by its Director of Banking Supervision, Mr. Bello Hassan, directed that the bank accounts of the 38 banks should be frozen.