Home » Business » Why CBN freezes 11 companies accounts for 6 months
Nigeria CBN building, Abuja

Why CBN freezes 11 companies accounts for 6 months

Central Bank of Nigeria (CBN) announced Wednesday it has secure a court order to freeze 11 bank accounts to enable it conduct investigations into suspicious activities, according to a release.


The apex regulator stated on its website that the injunction from the Federal High Court, Abuja, empowers it to suspend the accounts for 6 months.

The accounts include: Albert Austin Ugochukwu with two bank accounts; Belfour Energy & Allied Services; Belfour Oil and Gas Limited with three bank accounts; Circle Flow Integrated Services; Kacynaus Reality Nigeria Limited with three bank accounts; and Tasmara Integrated Services.

The accounts are domiciled in First City Monument Bank Limited which is directed to freeze all transactions on the accounts for a period of 180 days pending the outcome of investigation and inquiry currently being conducted by the CBN.

READ ALSO  Nigeria To Get Over $4bn In Technology Transfer From India

Leave a Reply

Your email address will not be published. Required fields are marked *



Check Also

Plentywaka, Libra Motors announce new partnership with over 400 buses

Plentywaka says it is partnering with ...

FirstBank CEO

FirstBank CEO lists technology, capacity as key for post Covid-19 growth

…Thumbs up mobile banking (FirstMobile) and ...

ncc cbn

Telco’s agree N6.98 USSD new charge, suspend disconnection

Mobile Network Operators (MNOs) and Deposit ...

FirstBank CEO

FirstBank launches new payment channel for Sub Sahara Africa

FirstBank says First Global Transfer initiative ...


FirstBank Promotes Diaspora Remittances, Rewards Customers with extra N5 for every dollar received

FirstBank says this N5 for a ...