#EndSARS: Reps Summon CBN Over Alleged Clampdown On 5,000 Accounts

October 21, 2020
31 Views
Nigeria‘s apex bank, the Central Bank of Nigeria has been summoned for allegedly flagging over 5,000 accounts.
CBN

CBN

The Central Bank of Nigeria has been summoned by the House of Representatives for allegedly flagging over 5,000 private and corporate accounts in Deposit Money Banks.

According to Punch, the move followed the unanimous adoption of the motion moved at the plenary on Tuesday, titled ‘Allegations of unjustifiable, inhuman, illegal and premeditated freezing of bank accounts in Nigeria by the Central Bank of Nigeria.’

Adopting the motion, the House asked the CBN to, within 48 hours, commence a review of all currently frozen accounts in Nigeria and after one week, remove the freeze order on accounts frozen, in clear violations of the provisions of the 1999 and Section 608 of BOFIA 2004.

The categories of the illegal freezing of accounts, the House said, are accounts frozen before a valid court order was obtained, accounts frozen without obtaining a court order, accounts frozen without providing the opportunity for fair hearing to the account holder, and accounts frozen but till date, have not being referred to the Nigeria Police Force, National Drug Law Enforcement Agency or any other appropriate regulatory authority for investigation.

Others are the accounts frozen that are unconnected to the account suspected for involvement in the commission of crime, accounts remaining frozen after court’s authorised period of freeze has elapsed without obtaining a fresh order from a court, accounts remaining frozen even after investigation has not indicted the account holder, and accounts frozen without documentary proof of petition or reason for suspicion of involvement in the commission of crime.

The House also mandated the Committee on Banking and Currency to “immediately invite all relevant and affected stakeholders to a public investigation of the circumstances surrounding the freezing of all accounts currently frozen by the CBN in Nigeria.”

You may be interested

My meekness not weakness, I have enormous power: Umahi warns PDP
News
2 views
News
2 views

My meekness not weakness, I have enormous power: Umahi warns PDP

Webby - November 30, 2020

<!-- Ebonyi State Governor, David Umahi --> Ebonyi State Governor, David Umahi By Chukwuemeka Opara Ebonyi State Governor, David Umahi…

“N81 Million Needed To Cut Grass In Abuja Stadium – Sports Minister, Dare
News
8 views
News
8 views

“N81 Million Needed To Cut Grass In Abuja Stadium – Sports Minister, Dare

Webby - November 30, 2020

By Onwuka Gerald The Minister of Youth and Sports Development, Mr Sunday Dare, has stated that the government needs N81…

Kwara Govt Warns Residents As COVID-19 Cases Increases in the State
News
3 views
News
3 views

Kwara Govt Warns Residents As COVID-19 Cases Increases in the State

Webby - November 30, 2020

By Adejumo Enock The Kwara State Government has decried the increase in confirmed cases of COVID-19 in the State. This…

Leave a Comment

Your email address will not be published.