Billionaire Adebutu Kessington of Baba Ijebu fame is grappling with bankruptcy, ENigeria Newspaper reports.
Adebutu Kessington nicknamed Baba Ijebu, the proprietor of Premier Lotto, is having a difficult time. The chances strike his enterprise and rend his money like the famous backwoods trader, whose relentless endeavors are dogged by doom.
Adebutu appears to have experienced that legendary moment in a magnate’s life when fate grants him the rare opportunity to feel and see what it’s like to fall.
After the Central Bank of Nigeria (CBN) ordered banks to freeze the accounts of his company, Premier Lotto, and 38 other companies a year ago, the apex bank has now ordered banks to apply a post-no-debit on the bank accounts of 18 companies, among which is his Premier Lotto.
A post-no-debit account is one that has had all debit transactions, including ATMs and checks, prohibited yet can still receive inflows.
On Thursday, Haruna B. Mustapha, director of banking supervision, signed a circular instructing banks to transmit account details.
The circular states, “You are hereby advised to place all accounts of the under-listed customers on Post-No-Debit (PND) restriction.”
Namuduka Ventures Limited, Crosslinks Capital and Investment Limited, Bakori Mega Services, Ashambrakh General Enterprise, IGP Global Synergy Limited, Urban Laundry, and Davedan Mille Investment Limited are among the companies affected.
Spray Resources, Al-Ishaq Global Resources Limited, Himark Intertrades, Charblecom Concept Limited, and Wudatage Global Resources are among the others.
Treynor Soft Ventures, Fyrstrym Global Concepts Limited, Samarize Global Nigeria Limited, and Zahraddeen Haruna Shahru are among the companies included.
While the CBN did not provide an explanation for the action, it is clear that the impacted accounts belong to bureau de change (BDCs), construction firms, investment firms, laundering services, and property firms.
The top bank’s decision could be linked to the ongoing crackdown on illegal foreign exchange trading since the prohibition on FX sales to BDCs, according to the findings.
The inclusion of Adebutu Kessington owned Premiere Lotto on the list of affected businesses will definitely put a strain on his wealth and reputation. Will he be able to maneuver his way out of this like he has in the past? Would he be able to rally the much-needed support and interventions, this time, to save his Premier Lotto from bankruptcy, given his reputation as a businessman with high-ranking friends?
There’s no denying that the Ijebu billionaire Adebutu Kessington previous few years have been marked by adversity. However, insiders close to the lotto head, popularly known as Arole Odua, claim that he is financially and socially secure.
However, it must be stated that when the government begins a fight with you, it’s always a different story. The cookies frequently crumble to the ground.
Credit: Thecapital with additional reports from ENigeria Newspaper.