45 bank accounts of three companies who the court assume are into illegal rice smuggling have been temporarily frozen by a federal high court on Monday, 14th October in Abuja.
According to within Nigeria, the banks include Sun Sam A1 International Limited, Sun Sam International Limited and Sunchrist O. Trans Nigeria Limited have active bank accounts with 10 banks.
The banks include: First Bank of Nigeria, Stanbclic IBTC Bank, Union Bank, United Bank for Africa (UBA), Zenith Bank, Sterling Bank, United Bank for Africa (UBA), Zenith Bank, Sterling Bank, Access Bank, First City Monument Bank (FCMB), Polaris Bank and Eco Bank.
The Banks were ordered by Justice Ahmed Mohammed of the Abuja High Court to freeze all accounts belonging to the companies for 45 days, depending on the outcome of the investigation being carried out by the Central Bank of Nigeria.
According to reports gathered by within Nigeria, ruling on an application by CBN’s counsel, Nosike Nicholas, to freeze the accounts for 90 days, Mohammed granted only 45 days. He said the order of freezing for 45 days was subject to renewal for further days upon an application by the CBN in the event that its investigation could not be concluded within the first 45 days.
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CBN reported that if the companies where allowed to carry out financial transactions with the frozen accounts, it would cause severe financial loss to Nigeria’s rice industries and the economy as a whole. The case has been adjourned until December 12th, 2019, for further hearing.