CBN secures court order to freeze 11 bank accounts over suspicious activities

The Central Bank of Nigeria says it has secured an order from the Federal High Court in Abuja to freeze eleven accounts belonging to five companies and an individual linked to suspicious activities.

This was disclosed in a statement on Wednesday on CBN’s website.

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The CBN had on March 12 and 16, 2021 approached the court to direct First City Monument Bank to freeze all transactions of eleven bank accounts linked to the defendants and respondents for 180 days.

The CBN said the action would help it successfully conduct an investigation on the affected parties.

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The affected bank accounts belong to Albert Austine Ugochukwu, Belfour Energy & Allied Services, Belfour oil and gas, Circle Flow Integrated Service, Kacynaus Reality Nig Ltd and Tasmara Integrated Services.

The six parties are the defendants and respondents in the case with the apex bank.

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In a document signed by the presiding judge, A.R. Mohammed, dated March 30, 2021, the court granted an interim order to block the accounts of the defendants in First City Monument Bank pending the outcome of the investigation conducted by the apex bank.

Muhammed said, “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.”

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But based on the ruling, the order is renewable on expiration on justifiable grounds.

The court said the affected parties could approach the to either seaside or have the order reviewed.

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