How Baba Ijebu, Adebutu Kensington Ran Into Trouble With CBN/EFCC

Popular businessman and owner of Premier Lotto, Sir Kessington Adebutu, otherwise known as Baba Ijebu, appears to be in trouble waters at the moment as facts have emerged on why the Central Bank of Nigeria (CBN) froze the account of his pools and betting company.

It was gathered that Baba Ijebu’s Premier Lotto and other lotto operators were under investigation by the Economic and Financial Crimes Commission (EFCC) for allegedly defrauding the Federal Government of Nigeria of tax payment of about N24 billion naira.

In a circular dated September 4, Bello Hassan, CBN’s Director of Banking Supervision, asked banks to place the accounts of the 38 companies on Post-No-Debit (PND) order

“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.

“Note that only the listed entities should be placed on PND, all related accounts are excluded. Your response should be forwarded to the underlisted email addresses Osoladipo@cbn.gov.ng or moabeng@cbn.gov.ng,” part of the circular read.

The move by the apex bank is coming months after the EFCC launched an investigation into the activities of Adebutu for alleged tax fraud and economic sabotage.

Officials of the commission revealed that the investigation was as a result of a petition submitted by Western Lotto, another betting company run by late Senator Buruji Kashamu.

EFCC reportedly said that they had identified N5bn revenue that should have been remitted to the Nigerian Government but was allegedly kept aside by the company.

The probe might be expanded to include other betting companies and investigate claims of sharp practices and how some firms allegedly withhold funds from winning customers.

A sitting governor, a former governor, a retired Air Vice Marshal, AVM and a former Skye Bank Chairman have all been named in a big fraud scandal to the tune of over six billion naira which they allegedly laundered over car deal and offshore accounts.

It was revealed that, Adebutu might have been punished for reneging on his agreement with the Federal Government to pay commission to the National Lottery Commission and Western Lotto as the sole licensed company to play Ghana game in Nigeria.

A source informed that at a meeting among Vice President, Yemi Osinbajo, Western Lotto management and Premier Lotto company, Baba Ijebu had agreed to pay N24 to National Lottery Commission and N8 to Western Lotto on every N100 Ghana Game played on Premier Lotto.

Findings revealed that Western Lotto, owned by the late Senator Buruji Kashamu had paid N12 Million to obtain license to play Ghana Game in Nigeria as the sole agent in the country.

It was gathered that Adebutu failed to remit the agreed commission to appropriate quarters, which necessitated the CBN’s recent action.