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Chief Kensington Adebutu (Baba Ijebu)

Why CBN Frozen Baba Ijebu’s Premier Lotto Accounts, Others

ABUJA – The Central Bank of Nigeria has been reportedly frozen the Bank accounts of Premier Lotto, owned by the Nigerian billionaire, Chief Adebutu Kessington, also known as Baba Ijebu.

Premier Lotto is among 38 Nigerian companies listed by CBN.

The move by the CBN comes months after the Economic and Financial Crimes Commission (EFCC) launched an investigation into the activities of Adebutu for alleged tax fraud and economic sabotage.

According to officials of the commission, the investigation was as a result of a petition submitted by Western Lotto, another betting company run by late Buruji Kashamu.

It was gathered that EFCC 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.

It will be recalled that, Segun, one of Adebutu’s children and other management officials of Premier Lotto were in January detained at the EFCC office in Lagos.

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