Four days ago , CBN’s Director of Supervision , Bello Hassan , directed Banks operating in the country to place the accounts of 38 companies on a Post No Debit (PND) Order .
Among the listed Companies includes Premier Lotto , which is owned by Nigerian Billionaire, Adebutu Kessington , popularly called Baba Ijebu .
In December 2019, Chief Kessington Adebutu pledged to renovate the main bowl of the National Stadium pitch in Lagos and other facilities through the Adopt -A- pitch initiative of the Minister of youth and Sports, Sunday Dare.
Few weeks ago, fellow Billionaire, Aliko Dangote, who also pledged, has fulfilled his promise with the commencement of the renovation of MKO Abiola Stadium , Abuja through the same initiative.
With the frozen account of Premier Lotto , the fear of whether the pledge made by Chief Kessington Adebutu might not see the light of the day since it is presumed that Premier Lotto , which has bankrolled many sporting projects would be financing the Adopt-A-pitch initiative .
According to a top official in the sport ministry in a report by Tana Aiyejana of the Punch Newspaper, the frozen order won’t halt the renovation of the main bowl .
“Baba Ijebu (Adebutu) has only so far keyed into our Adoption Initiative in the aspect of Adopt-A-Pitch. Hence his decision to fix the main bowl in surulere: football pitch, irrigation systems, score board and the tracks. Same thing Dangote Group is doing in Abuja.
That’s the first track and that’s what is happening now,” the report mentioned .
“The second track is the Federal Government’s concession programme. The RFQ (Request For Quotation) was published last week. Baba Ijebu, if interested would have to apply and respond to the RFQ. His application will be considered and might enjoy better consideration in view of the fact that he might have invested N450m upfront.
“Baba Ijebu has shown a keen interest in the National Stadium (Lagos) for the sake of our youths.”
The danger that the project might not commence as promised is heightened by the fear of the post-no-debit order directive as it means that all debit transactions, including ATMs and cheques, on the account have been blocked .
Though the demolition of illegal structure by the Ministerial Committee on ‘Restoration’ of the Lagos National Stadium has commenced last week, there is no evident that the CBN’s directive on Premier Lotto’s account might halt the process .
The Co-Chairman of the Ministerial Implementation Committee on ‘restoration’ of Lagos National Stadium, Retired Navy Commodore Omatseye Nesiama said the demolition of ‘illegal structures’ within the complex of the National Stadium Lagos is 75 per cent completed.