CBN lifts ‘post-no-debit’ restrictions on Austin Albert’s accounts after court rulings

The Central Bank of Nigeria (CBN) has formally instructed commercial banks across the country to remove the Post-No-Debit (PND) restrictions earlier imposed on the accounts of Austin Ugochukwu Albert, also known as Albert Austin Ugochukwu, and his affiliated companies.

The directive was conveyed through a memo issued by the Banking Supervision Department (Ref: BSD/DIR/PUB/LAB/016/017; See Nos: 49, 51, 52, 53, 81, and 82). The communication confirms that all restrictions affecting Albert’s business accounts have been completely withdrawn. The regulatory decision follows a series of court judgments and investigations that cleared him and his companies of any alleged misconduct.

Court Decisions That Set Aside the Restrictions

On November 12, 2020, Justice N.E. Maha of the Federal High Court, Abuja, struck out Suit No: FHC/ABJ/CS/885/2020, thereby lifting the freezing order placed on Albert’s accounts and those of other affected businesses.

In a related development, on January 11, 2021, Justice N.E. Maha dismissed Suit No: FHC/ABJ/CS/1228/2020. The court rejected the CBN’s request to renew or extend the freezing order and directed that all restrictions on Albert’s accounts be removed.

Further reinforcing the rulings, Justice Taiwo O. Taiwo of the Federal High Court, Abuja, on March 24, 2021, struck out Suit No: FHC/ABJ/CS/1200/2020. The court noted that nearly a year after the accounts were frozen, no substantive evidence had been presented to justify the continued restrictions.
Earlier, on March 4, 2021, Justice Taiwo O. Taiwo had also dismissed Suit No: FHC/ABJ/CS/1242/2020 in its entirety, vacating all prior orders issued against Albert and his companies on October 6, 2020.

Subsequently, on November 9, 2021, Justice A.R. Mohammed struck out Suit No: FHC/ABJ/CS/362/2021 on the grounds that the interim order had lapsed, effectively bringing all related proceedings to a close.

CBN Confirms Regulatory Clearance

In a circular dated July 25, 2023, the CBN directed banks to vacate the PND restrictions and notify the affected customers accordingly, signaling full regulatory clearance.
With the removal of the restrictions by the CBN, alongside clearances from the Nigeria Police and the Federal High Court, Albert’s businesses have resumed normal operations within the Nigerian financial system.