The Federal High Court  sitting in Abuja has ordered the Central Bank of Nigeria (CBN) to freeze all transactions in 65 bank accounts linked with 12 firms and a man suspected to be involved in the manipulation of the nation’s foreign exchange market.

Justice Ahmed Mohammed gave the order while ruling was on the motion ex-parte marked: FHC/ABJ/CS/979/2020 filed in the name of the Governor of the CBN and argued by former Attorney General of the Federation (AGF) and Minister of Justice, Mike Aondoakaa (SAN).

Justice Mohamed, in the ruling, granted the CBN 90 days, in the first instance, to investigate the activities firms, who the CBN Governor alleged were involved in the importation of goods not eligible for foreign exchange.

The CBN Governor further alleged t activities of the firms and an individual identified as Adekunle Olusola Alonge are “the cause of the current volatility and imbalance in the foreign exchange regime in Nigeria with the attendant negative impact on the economy.”

In the ruling, a copy of which The Nation sighted, Justice Mohammed said:  “An order is made freezing all transactions in the bank accounts of the defendants/respondents listed on the motion paper, for a period of 90 days in the first instance, pending the outcome of the investigation currently being conducted by the Central Bank of Nigeria.

“It is also directed that, if the applicant could not conclude investigation and its inquiry within the 90 days given by the court, it can seek an extension of the order, upon an affidavit filed to show the extent of the investigation and the need for the court to extend the period.

“It is further ordered that any person who is affected by this freezing order may apply to the court to be heard in this matter.”

Justice Mohammed then adjourned till November 25 for report of investigation.

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