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A Federal High Court in Abuja on Monday ordered the Central Bank of Nigerian (CBN) to temporary freeze 45 bank accounts linked to three companies alleged to be involved in smuggling rice into the country.
In an ex-parte motion, with No: FHC/ABJ/C5/958/2019, CBN had asked the court to freeze the accounts of the companies involved in the alleged smuggling of rice into Nigeria.
The companies whose accounts are domiciled with ten commercial banks in Nigeria are Sun Sam A1 International Limited, Sun Sam International Limited and Sunchrist O. Trans Nigeria Limited.
Justice Ahmed Mohammed, who gave the order, directed the Head offices of First Bank Nigeria PLC, Stanbic IBTC Bank, Union Bank PLC, United Bank For Africa (UBA), Zenith Bank PLC, Sterling Bank, Access Bank, First City Monument Bank (FCMB), Polaris Bank and Eco Bank Nigeria to freeze forthwith for 45 days all transactions on the accounts pending the outcome of the investigation and inquiry currently being conducted by the (CBN).
In arguing the ex parte application on behalf of the apex bank, its counsel, Nosike Nicholas, asked the court to freeze the accounts for 90 days.
However, Justice Mohammed granted the apex bank permission to freeze the accounts for only 45 days.
He said that the order of freezing for 45 days was subject to renewal for further days upon an application by the CBN, in the event that its investigation could not be concluded within the first 45 days.
Nosike who anchored the application on section 60, Paragraph (B) of the Banks and other Financial Institutions Act (BOFIA) 1991 as amended told the court that “there is an ongoing investigation against the defendants who are customers of the commercial banks, adding that the transactions under the accounts can cause significant financial loss to the rice industries I particular and the Nigeria economy in general”.
Business Day
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