CBN freezes 194 financial institution accounts of Bureaux De Change agency, others

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The Central Financial institution of Nigeria (CBN) on Wednesday introduced that it received an interim order from the Federal Excessive Courtroom, Abuja division, to freeze 11 financial institution accounts of 5 corporations and a person for 45 days to allow it to conduct investigations into suspicious actions.

The order follows an exparte movement, dated March 12 and filed on March 16, searching for the obligatory order of the courtroom to direct First Metropolis Monument Financial institution (FCMB) Restricted, to freeze all transactions on the listed accounts and all different financial institution accounts of the defendants for 180 days pending the result of investigation and inquiry at the moment being carried out by the CBN.

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This disclosure is contained in paperwork posted by the apex financial institution on its web site on Wednesday, April 7, 2021, and seen by Nairametrics.

In keeping with the assertion from the CBN who’s the plaintiff, the listed names of the defendants/respondents embody Albert Austin Ugochukwu with 2 financial institution accounts, Belfour Vitality & Allied Companies, Belfour Oil and Gasoline Restricted with 3 financial institution accounts, Circle Circulate Built-in Companies, Kacynaus Actuality Nigeria Restricted with 3 financial institution accounts and Tasmara Built-in Companies.

The courtroom doc additionally states that the order was given by the courtroom upon studying the Affidavit in help of the Software, Affidavit of Urgency, Verifying Affidavit and Affidavit of Non-Multiplicity of motion all deposed by an Assistant Supervisor of the CBN, Central Enterprise District, Oluwatoyosi Suwebat Oladipo, along with an hooked up exhibit.

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The order from the Federal Excessive Courtroom partly reads, “An interim Order is made empowering the applicant to direct the Head Workplace of First Metropolis Monument Financial institution Ltd to freeze forthwith all transactions on the financial institution accounts listed on the movement paper for a interval of 45 days solely pending the result of investigation at the moment being carried out by the Central Financial institution of Nigeria.’’

The doc additionally states that the order which was given by the Presiding Decide, A.R. Mohammed, was renewable on expiration however solely on good causes proven and any individual affected by this order was entitled to method the courtroom to hunt to put aside, discharge or have the order reviewed for good causes, it mentioned.

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What you need to know

  • The CBN has been clamping down on companies and people with suspicious financial institution transactions particularly for cash laundering and unlawful foreign exchange transactions in current occasions.
  • Only in the near past, the Presidency, whereas confirming the arrest and detention of some bureau de change operators, mentioned that they had been being investigated for cash laundering and facilitating cash to terrorists.
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