… National Mass Metering Project may be stalled
The National Mass Metering project may run into deep problems as the Central Bank Nigeria of (CBN)has approached the Federal High Court, Lokoja, Kogi State, seeking to get Motion Exparte to freeze accounts of 10 companies that are currently engaged in the National Mass Metering Project with electricity distribution companies.
According to the CBN, the Motion Exparte was brought to the court pursuant to order 26 rules 6,7 and 8 of the Federal High Court civil procedure rules 2019, sections 1(2) and 97 (!) of the Banks and Other Financial Institutions Acts (BOFIA) 2020 (as Amended) and Under the Inherent Jurisdiction of this honourable Court
In suit no, FHC/LKJ/CS/42/2022, between Central Bank and10 companies, the apex bank is seeking a mandatory order of the honourable court to empower the applicant, which is CBN, “ to direct the head offices of the banks mentioned to freeze forthwith all transactions on the under listed accounts and all other banks accounts of the defendants for a period of 180 days pending the outcome of investigations and inquiry being conducted by CBN. To wit:
Details later….
Olusola Bello
