CBN:  House of Reps Raises Hope For Frozen Account Owners |The Source

By Fola James

The House of Representatives has directed the Governor of Central Bank of Nigeria, Godwin Emefiele to release the 5000 accounts seized from Nigerians to them or obtain a court order that enable the apex bank to continue to freeze the accounts.

The lawmakers ordered “the CBN to Within 48hrs commence a review of ALL currently frozen accounts in Nigeria and to after one week remove the freeze order on accounts frozen under the following clear Violations of the provisions of the 1999 Constitution of the Federal Republic of Nigeria (as amended) and Section 608 of BOFIA 2004″

The magazine learnt that billions of naira are currently trapped in many accounts seized by the Emefiele-led bank, without first obtaining a court order to that effect.

The Nigeria lower chamber debated the issue on Wednesday following petition by owners of the accounts who complained of hardship after the CBN disallowed them from using the accounts.

Speaking under a “Motion of Urgent National Importance”, Mark Gbillah from Benue state, the sponsor said he was “Concerned about the plethora of petitions and “save our soul” (SOS) appeals from Nigerian Citizens across the country In recent times about the untold hardship and poverty they are experiencing from extended freezing of their personal, corporate and other accounts by the Central Bank of Nigeria (CBN), reports of the current unprecedented freezing of over 5000 bank accounts in Nigeria by the CBN and allegations of injustice, illegality, victimisation and prejudice by the CBN against innocent Nigerians in the freezing of their accounts.

“The burgeoning number of accounts being frozen by the CBN in Nigeria appears to be taking a huge toll on the nation’s economy and livelihood of millions of Nigerians and underscores the seeming flagrant abuse of this power by the CBN when compared to the Central Banks.”

He said until the owners of such accounts had been found guilty under the Banks and Other Financial Institutions Act, BOFIA 2004, they remained innocent and freezing their accounts violates their fundamental human right to a fair hearing and presumption of innocence until proven guilty as enshrined in Section 36 of the 1999 Constitution of the Federal Republic

He warned the CBN to avoid drawing itself into unnecessary legal issues that may result from angry account owners who will try to assert their rights.

The House in adopting the motion resolved to “Mandate the House Committee on Banking and Currency to immediately invite ALL relevant and affected stakeholders to a public investigation of circumstances surrounding the freezing of ALL accounts currently frozen by the CBN in Nigeria with a view to identifying any cases of contraventions of statutory provisions by the CBN in the freezing of accounts”.