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Frozen Accounts: Firms sue SEC for N500m

Nigerian News Update » Nigerian Newspapers
Punch Newspaper
Two firms, Flexus Global Solution and Investment Limited and Port Harcourt Flexible Co-operative Investment and Credit Society Limited, have dragged the Securities and Exchange Commission, Onuoha Onucha, Tinsha Immaculate, Guaranty Trust Bank Plc. and Diamond Bank Plc, to court for allegedly freezing their accounts unlawfully.

The co-operative organisations maintained that the defendants had no right to confiscate and take over their property unlawfully.

 The plaintiffs claimed that SEC and other defendants closed their bank accounts on the claim that the plaintiffs were under the regulatory control of SEC.

In a suit numbered, FHC/ABJ/CS/995/2016, which they filed before a Federal High Court in Abuja, the plaintiffs prayed the court to compel the defendants to unfreeze their bank accounts.
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