CBN Freezes Bank Accounts over FX Infractions

April 9, 2021
Godwin Emefiele CBN Governor

By Adedapo Adesanya

The bank accounts of corporates and individuals have been frozen by the Central Bank of Nigeria (CBN) over allegations of foreign exchange (FX) infractions.

The affected accounts are over 190 and they were frozen after the central obtained an order from the federal high court sitting in Abuja.

The apex bank said it wants transactions on the accounts restricted pending the outcome of the investigation into the alleged violations in excess of $160 million.

A notice of the order freezing the accounts disclosed that the restriction would be for a period of 45 days and some of them belong to Bluebeam Capital Limited.

The company had its 59 separate accounts in FCMB, Fidelity Bank frozen by the directive.

In addition, 33 separate bank accounts in different banks belonging to Sethwealth Ventures were affected, while 17 bank accounts belonging to Seasons Bureau De Change; five accounts belonging to Sani Polo Concept Enterprises; and four bank accounts belonging to Lat-Ade Logistics were also frozen.

Others are Saneo Global Resources with eight bank accounts; Romvic Ventures Limited with seven bank accounts; and Enychristo Enterprises with three bank accounts.

In addition, some of the individual bank accounts affected were listed as Nuhu Abubakar (three bank accounts); Adenmosun Lateef Jimoh (five bank accounts); Lateef Adenmosun (six bank accounts); Sani Abdullahi (three bank accounts); Ezeh Onyebuchi C (three bank accounts); Okpalaugo Ifeanyi Paul; Chinweuba Okoye Sunday; among others.

In all the cases, the judge ruled that the orders were granted, “in the interim and shall last for only 45 days pending the conclusion of an investigation by the CBN.”

The judge further said, “The applicant (CBN) shall publish this order in its website within three days from today. Any person or persons that is aggrieved by this order shall approach this 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 is renewable on expiration upon good reasons shown. This suit is adjourned to May 17, 2021, for mention.”

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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