Section 42: Freezing order on banks.

(1)
Notwithstanding anything contained in any other Act or enactment, where any person is arrested under this Act, the chairman of the Agency may, if he is satisfied that the money in the account of an arrested person is made through illegal dealing in trafficking in narcotic drugs or psychotropic substances, issue, or instruct a bank examiner to issue, an order addressed to the manager of the bank where the account is or is believed by him to be or the head office of the bank.
[1992 No. 15.]
(2)
The chairman of the Agency or bank examiner may by an order issued under subsection (1) of this section, or by any subsequent order, direct the bank to supply any information and produce books and documents relating to the account and to stop all outward payments, operations or transactions (including any bill of exchange) in respect of the account of the arrested person.
(3) Any order under subsection (1) of this section, shall not be issued or made without prior written approval of the Attorney-General of the Federation and shall be in the form prescribed in the Fourth Schedule of this Act.
(4) The manager shall take necessary steps to comply with the requirements of this order made pursuant to subsection (2) of this section.
(5) In this section-
(a)
"bank" has the meaning given to it in section 66 of the Banks and Other Financial Institutions Act;
[Cap. 83.]
(b) the reference to an order issued includes a reference to any order, direction or requirement addressed to the manager of a bank or any other officer of a bank which directs or purports to direct the manager or such officer to stop all outward payments, operations or transactions in respect of any account with that bank.