Court grants CBN’s request to freeze 11 bank accounts under investigation

A federal high court in Abuja has issued an interim order in favour of the Central Bank of Nigeria (CBN) freezing 11 bank accounts.

The CBN had in a motion ex parte dated March 16, prayed the court for an order directing First City Monument Bank (FCMB) to freeze forthwith all transactions in the 11 bank accounts “for a period of 180 days pending the outcome of investigation and inquiry currently being conducted by the Central Bank of Nigeria.”

Two bank accounts in the name of Albert Austin Ugochukwu, a businessman; one account belonging to Belfour Energy & Allied Services, three accounts belonging to Belfour Oil and Gas LTD, one account belonging to Circle Flow Integrated Services, three accounts belonging to Kacynaus Realty Nig LTD and one account belonging to Tasmara Integrated Services, all domiciled in FCMB were listed in the motion paper.

Upon hearing the application moved by A.T Kohol, CBN counsel, Ahmed Mohammed, granted the application.

“An interim order is made empowering the applicant to direct the head office of First City Monument Bank Ltd to freeze forthwith all transactions on the bank accounts listed on the motion paper for a period of 45 days only pending the outcome of investigation currently being conducted by the Central Bank of Nigeria,” the judge ruled

“The order is renewable on expiration but only on good reasons shown.

“The applicant (CBN) shall publish this order on its website within three days from today.

“Any person or persons affected by this order are entitled to approach the court to seek to set aside, discharge or have the order reviewed for good reasons shown.”

The court has fixed May 17, 2021 for mention of the substantive suit.