Electricity: CBN Seeks Court’s Intervention To freeze157 Accounts of Meter Contractors



… 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

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