Section 97: Power to Freeze Accounts.

(1) Notwithstanding anything contained in any other enactment, where the Governor has reason to believe that transactions undertaken in any account with any bank, specialised bank or other financial institution are such as may involve the commission of any criminal offence under any law, the Governor may make an ex-parte application for an order of the Federal High Court verifying on oath the reasons for the Governor’s belief, and on obtaining such Court order direct or cause a direction to be issued to the manager of the bank, specialised bank or other financial institution where the account is situated or believed to be, or in the alternative to the head office of such bank, specialised bank or other financial institution directing the bank, specialised bank or other financial institution to freeze the account.
(2) The manager of a bank, specialised bank or other financial institution in which a direction has been issued on an account under subsection (1) shall, on receipt of such direction, suspend all transactions related to such account for such period as may be specified in the direction.
(3) Where an account has been frozen under this section, the Governor shall refer the matter to the-
(a) Nigeria Police Force;
(b) National Drug Law Enforcement Agency;
(c) Economic and Financial Crimes Commission; or
(d) any other law enforcement authority or appropriate regulatory authority:
Provided that where the matter relates to the contravention of the provisions of this Act or other enactments administered by the Bank, the Governor may cause such matter to be investigated by the Bank.
(4) Where it is not possible for the Bank, the Nigeria Police Force, the National Drug Law Enforcement Agency, the Economic and Financial Crimes Commission, or any other appropriate regulatory authority to conclude its investigations within the period stipulated in the Court order, the Governor shall apply to the Federal High Court for an order for the continued freezing of the account concerned.