CBN Lifts Freeze on Accounts of Belfour Oil and 139 Others

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The Central Bank of Nigeria (CBN) has lifted the freeze order on the bank accounts of Belfour Oil and Gas Limited and 139 other entities. This decision follows the discontinuation and striking out of the suit instituted by the CBN against Albert Austin Ugochukwu, Belflour Energy and Allied Services, Belflour Oil and Gas Ltd, and others.

 

In a circular dated July 25, 2023, with reference number BSD/DIR.PUB/LAB/016/017, the CBN directed all banks in Nigeria to remove the “Post No Debit” restrictions on the accounts of the involved parties. This directive came after the CBN did not oppose a motion filed by the affected company seeking to vacate the freeze order.

 

The original freeze was implemented in March 2021, following an ex-parte application by the CBN, pending the outcome of an investigation. The court ruling, which allowed room for appeal, stated that affected parties could approach the court to have the order reviewed for good reasons.

 

After the company successfully sought to set aside the order, the court discharged and discontinued the suit. Consequently, the CBN issued a circular instructing banks to lift the restrictions and inform the affected customers.

 

Solicitors for Belfour Oil and Gas Limited confirmed to Ripples Nigeria that all restrictive court orders and CBN directives had been lifted, allowing the company to resume normal operations of its bank accounts. The circular was signed by A.M. Barau, CBN Director of Banking Supervision.

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