Court Grants CBN Leave To Freeze Bank Accounts Of Persons, Firms Under Investigation

Justice Ahmed Ramat Mohammed, on Tuesday, granted an interim injunction allowing the Central Bank of Nigeria (CBN) to freeze transactions on 84 accounts belonging to 25 individuals and firms.

In a suit No: FHC/ABJ/CS/342/2021 between the Governor of the Central Bank of Nigeria and Nuhu Abubakar, Lat-Ade Logistics, Adenmosun Lateef Jimoh, Sani Polo Global Investment Limited, Sani Polo Concept Enterprises, Sani Abdullahi, Saneo Global Resources, Romvic Ventures Nigeria Ltd and Romvic Ventures Nigeria Ltd, among others, the plaintiff in a motion exparte dated March 16, 2021, sought the order of the court to freeze the said accounts in First Bank Nigeria Ltd, Keystone Bank, Polaris Bank, Zenith Bank, Fidelity Bank.

Others are: Guaranty Trust Bank, Stanbic IBTC Bank, Access Bank, First City Monument

Bank, Heritage Bank, United Bank for Africa, Ecobank Nigeria, Sterling Bank, Polaris Bank, Union Bank of Nigeria, Standard Chartered Bank.

After listening to lawyers for the parties, Justice Mohammed granted an interim order empowering the apex bank to direct the head offices of the various banks mentioned “to freeze forthwith all the transactions on the bank accounts of the defendants for a period of 45 days pending the outcome of investigation and inquiry currently being conducted by the central bank of Nigeria on” the 84 accounts.

In another suit, No: FHC/ABJ/CS/235/2021, between the CBN Governor and Bluebeam Capital Ltd, in a motion exparte filed February 26, 2021, the apex bank prayed the court to grant it power to freeze 60 bank accounts in 13 banks. They are: Access Bank, FCMB, Fidelity Bank, Sterling Bank, Keystone Bank, Providus Bank, United Bank for Africa Plc, Wema Bank, First Bank Nigeria, GTBank, Ecobank, Heritage Bank, and Polaris Bank.
The CBN also got an interim order to freeze 51 accounts across 14 banks in a suit with No: FHC/ABJ/CS/236/2021 between the CBN Governor and Sethwealth Ventures, Sethwealth Ventures Ltd, and Seasons Bureau de Change Ltd, the apex bank had in a motion expert prayed the Federal High Court, Abuja for 180 days to conclude its ongoing investigations and inquiry on the plaintiffs’ accounts.

Caption: CBN Governor, Godwin Emefiel, with some Chief executives of Nigerian banks during the Annual Bankers’ Dinner on November 28, 2020, in Lagos. Source:

The banks where the accounts being investigated are domiciled in: Zenith Bank; Heritage Bank, Wema Bank Plc, Polaris Bank Limited, Union Bank, United Bank for Africa Plc, and Guaranty Trust Bank. Other are: Access Bank Plc, Fidelity Bank Plc, Stanbic IBTC Bank, First Bank of Nigeria Ltd, Ecobank Plc, and First City Monument Bank Plc.

Justice Mohammed also ordered the CBN to publish the various orders on its website within three days, and that any person or persons aggrieved by the order should approach the court “to seek to set aside, discharge or have the order reviewed without waiting for the expiration of 45 days given in the law, but upon good reasons shown.”

The order, he added, “is renewable on expiration upon good reasons shown.”

The suits were adjourned to May 17, 2021.

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