CBN lifts freeze order on accounts of Belfour Oil and Gas, 139 others

The Central Bank of Nigeria (CBN) has lifted the freeze order on the bank accounts of Belfour Oil and Gas Limited and about 139 others,

This follows the discontinuation and striking out of the suit instituted by the apex bank against Albert Austin Ugochukwu, Belflour Energy and Allied Services, Belflour Oil And Gas Ltd and others.

Consequently, the apex bank in the circular dated July 25, 2023 (with reference number BSD/DIR.PUB/LAB/016/017) to all Banks in Nigeria directed the vacation of all “Post No Debit” restrictions placed on the accounts of the company and others thereby giving them a clean bill of health.

It would be recalled that the CBN in Suit No. FHC/ABJ/CS/326/2021 Between Governor, Central Bank of Nigeria and Albert Austin Ugochukwu & 5 others had instituted an action via an Ex-parte application dated the 12th of March, 2021 to freeze forthwith all transactions on the Bank Accounts listed in the Application held with First City Monument Bank pending the outcome of an investigation purportedly being conducted.

The judgement secured by the apex bank gave room for an appeal. The ruling stated “That any persons, affected persons can approach the Court to set aside, discharge or have the order reviewed for good reasons”.

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Ripples Nigeria gathered, that consequently, the company approached the court seeking to set aside, vacate and or discharge the Order by way of a Motion on Notice, this motion was not opposed by CBN.

Seeing that the apex bank did not object, the Court upon an informed decision caused the discharge and discontinuance of Suit and consequently striking out the suit.

“Upon receiving the judgement of the court, and finding that all records of the company were adjudged clean and all restrictive Court Orders and directives from the CBN against our Clients’ bank account were and our Clients have since resumed operation of the said accounts” solicitors of the company informed Ripples Nigeria.

Thereafter, the apex bank in the circular titled “Approval To Vacate “Post No Debit Restriction” ordered the restriction on the companies’ accounts to be lifted.

“You are hereby directed to vacate the Post-No-Debit restriction placed on the accounts of the underlisted bank customers at our instance. You are also required to inform the concerned customers of the vacation accordingly” the circular signed by A.M Barau, CBN Director of Banking Supervision stated.

By: Babajide Okeowo

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