Section 60: Freezing Order on Banks or other Financial Institutions.

1 Notwithstanding anything contained in any other enactment, where a person is arrested or under investigation for an offence under this Act, the Director-General may, if satisfied that the money in the account of an arrested person is made through the commission of an offence under this Act, apply to the High court exparte for an order authorizing the Agency to issue or instruct a bank examiner or such other appropriate regulatory authority to issue an order as specified in Form 2 of the Second Schedule to this Act, addressed to the authority of the bank or financial institution where the account is or believed to be domiciled or the head office of the bank or other financial institution, to freeze the account. (Second Schedule)
2 The Director-General or bank examiner may, by an order issued under subsection (1) of this section or by any subsequent order, direct the bank or other financial institution to supply any information and produce books and documents relating to the account and to stop all outward payments, operations or transactions (including any biil of exchange) in respect of the account of the arrested person or a person under investigation.
3 The manager or any other person in control of the bank or a financial institution shall take necessary steps to comply with the requirements of the order made under subsections (1) and (2) of this section.
4 In this section-
a "bank" has the meaning given to it in the Banks and Other Financial Institutions Act, CAP 83, Laws of the Federation of Nigeria, 2004 as amended; and
b "order" refers 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 payment, operations or transactions in respect of any account with that bank.