A Federal High Court, Lagos, has lifted restrictions placed on the personal and business bank accounts of businessman, Austin Ugochukwu Albert.

This followed the Nigeria Police Special Fraud Unit (SFU) submission that it found no evidence linking the funds to fraud or money laundering.

Consequently, Justice A.O. Faji ordered the lifting of the restrictions in the suit marked FHC/L/CS/586/2020.

The suit was filed by the Police against Guaranty Trust Bank Plc., Austin Ugochukwu Albert and Tasmara Integrated Services Limited over allegations bordering on money laundering involving the sum of $667,000.

In a 12-paragraph affidavit of facts deposed to by Inspector Friday Shaibu, a detective with the Police Special Fraud Unit in Ikoyi, the Commissioner of Police informed the court that investigations could not establish a case of money laundering against the second and third respondents.

According to the affidavit, none of the funds in the bank accounts under investigation could be traced to any criminal activity such as terrorism, fraud, corruption, drug trafficking, human trafficking, gunrunning, terrorist financing or any other predicate offence.

Shaibu further stated that investigations revealed that Albert is a financial broker and a licensed Bureau De Change operator who used the accounts to source foreign exchange from various individuals and sell to customers, earning profits from legitimate transactions.

He said: “Our investigation did not establish a case of money laundering against the respondents. None of the funds could be traced to any criminal activity.”

Following the report, counsel to the respondents, Mr Emmanuel Jackson, urged the court to discharge the earlier order that placed restrictions on the accounts.

Justice Faji subsequently held that in view of the outcome of the investigation, there was no longer justification for the restraining order placed on the accounts.

“The restrictions placed by virtue of the said order are hereby lifted,” the court ruled, directing compliance in line with Section 287(3) of the 1999 Constitution (as altered).

In related proceedings arising from regulatory actions by the Central Bank of Nigeria (CBN), the Federal High Court in Abuja also faulted the prolonged freezing of Albert’s personal and corporate accounts.

Other courts also ruled in favour of the defendants, affirming that Albert is into legitimate business.