Six banks directed to freeze accounts of some #EndSARS promoters

SIX Deposit Money Banks (DMBs)in Nigeria have been ordered to freeze bank accounts of the #EndSARS champions.

The banks include Access, Fidelity, First, GT, Zenith banks and UBA.

The Central Bank of Nigeria obtained a federal court order to freeze 20 bank accounts linked to supporters of the #EndSARS campaign last month, court document obtained by seen by Nigerian Tribune showed.

The CBN Governor, Mr Godwin Emefiele had filed an ex-parte court application to freeze the account on October 20, which was promptly granted by Justice Ahmed Mohammed of the Abuja division of the Federal High Court.

Former Attorney-General, Michael Aondoakaa argued the case for the freezing of the accounts on behalf of CBN, documents showed.

While the lawyers it was gathered, did not say what the #EndSARS campaigners did against the law to attract freezing of their bank accounts, the bank accounts blocked included those run by Gatefield, a public interest think-tank, and Bassey Israel, a pharmacist.

Gatefield has already filed a lawsuit challenging the freezing of its account.

There have been complaints from Nigerians that their bank accounts were frozen in relation to their roles in the #EndSARS campaign, with CBN being mentioned as the main driver of the punitive measure.

The accounts belong to: Bolatito Rachael Oduala; Chima David Ibebunjoh; Mary DooseKpengwa; Gatefield Nigeria Limited; Saadat Temitope Bibi; Bassey Victor Israel; and Wisdom Busaosowo Obi.

Others are: Nicholas IkhaleaOsazele; EbereIdibie; AkintomideLanre Yusuf; UhuoEzenwanyi Promise; MosopefoluwaOdeseye; Adegoke Pamilerin Emmanuel; Umoh Grace Ekanem; Babatunde Victor Segun; Mulu Louis Teghenan; Mary Oshifowora; Winifred Akpevweoghene Jacob; Victor Solomon; Idunu A. Williams.

The CBN has repeatedly denied involvement in the freezing of bank accounts of #EndSARS protesters.

While reviewing the issue of account froze, AbdulmajeedAbolaji of Aelex Legal Practitioners and Arbitrators a commercial and litigation law firm said a post-no-debit means that all debit transactions, including those involving the use of automated teller machines (ATMs) and cheques, on an account have been blocked. However, money can be deposited into the account.

According to him, it is not unusual for the Central Bank of Nigeria (CBN), as the regulatory agency overseeing the financial sectors of the Nigerian economy to order financial institutions to freeze accounts of individuals it suspects to have committed financial infractions.

Similarly, the anti-graft agencies – the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) – have on several occasions instructed banks to freeze accounts of individuals under investigation.

These directives are issued through letters, circulars, or memoranda pursuant to powers derived under the relevant law; and in most occasions, without an order of court authorising the same, he explained.

However, the recent decisions from the courts appear to have fettered the power of regulatory agencies to freeze and place a post-no-debit alert on bank accounts.

“In essence, regulatory agencies may now be required to obtain a court order, in addition to their statutory power, if any, before they can validly direct that a post-no-debit order be placed on accounts of individuals that are subject to their regulatory oversight.

“However, on the basis of the recently delivered decisions of the Courts, financial institutions are advised to always request that any regulatory agency directing it to place a post-no-debit alert on the account(s) of any of its customers, obtains an order of a competent court before it complies with such directives,” Abolaji stated

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