The court has granted the request by the Central bank of Nigeria (CBN) to freeze 65 Bank accounts linked to 12 firms and a man.

They are suspected to be involved in the manipulation of the foreign exchange market.

Justice Ahmed Mohammed of the Federal High Court, sitting in Abuja, gave the order while ruling on a motion ex-parte filed by CBN Governor Godwin Emefiele 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 of the firms, who the CBN Governor alleged were involved in the importation of goods not eligible for foreign exchange.

The CBN Governor further alleged that the 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 on Friday, 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 the 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 a report of the investigation.

Listed in the motion as the owners of the affected accounts are: Adekunle Olusola Alonge, Armadillo Integrated Services, FTM Capital Management Limited, Sonora Asset Management Limited, Sonora Capital & Inv Ltd, Sonora Capital Investment Limited, Sonora Capital & Investment  Limited and Sonora Capital and Investment  Limited.

Others are Sonora Capital Investment Limited, Sonora Consult, Sonora Energy & Allied Services Limited, Sonora Energy and Allied. Services Limited, VIP Impress Hollywood Limited and Vlisco Nigeria Limited

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