Reps urge CBN to unfreeze illegally frozen accounts within seven days


THE House of Representatives has ordered the Central Bank of Nigeria (CBN) to review all currently frozen accounts in Nigeria within 48 hours.


The House also asked the apex bank to remove the freeze order on accounts unconstitutionally frozen, after one week.

The resolution followed the passage of a motion brought under urgent national importance by Mark Gbillah, titles: “Allegations of unjustified inhuman, illegal and premeditated freezing of bank accounts in Nigeria by the Central Bank of Nigeria.”

The lawmaker said all accounts frozen must be under clear violations of the provisions of the 19

Moving the motion, Gbillah expressed concern about the plethora of petitions and ‘save our soul (SOS)’ appeals from Nigerians about the hardship and poverty they experienced from extended freezing of their personal, corporate and other accounts by the CBN.

READ ALSO:CBN directs banks to stamp out COVID-19 financial crimes

The lawmaker said there were “reports of the current unprecedented freezing of over 5,000 bank accounts by the CBN and allegations of injustice, illegality, victimisation and prejudice by the CBN against innocent Nigerians in the freezing of their accounts”.

He added: “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’ Treasuries and Federal Reserves of other climes.”

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