AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
It depends on who ordered the freeze. An NFIU or EFCC stop order under the Money Laundering Act 2022 cannot exceed 72 hours unless the Federal High Court orders the funds blocked, and the Court of Appeal has held that the bank must unfreeze once that period lapses; a court-ordered freeze lasts as long as the order. Where a freeze has outlived its lawful basis, the usual remedy is a court action against the bank and the agency, often a fundamental rights application.
Many people who write to banks about a frozen account have been waiting months, not days. Nigerian law does not have one time limit for every freeze. It has different limits for different sources, and several court decisions say what happens when a bank keeps an account blocked past the point it is allowed to.
The limit for each type of freeze
| Type of freeze | Lawful period | Source |
|---|---|---|
| NFIU or EFCC stop order | Not more than 72 hours; a Federal High Court order is needed to block funds beyond that | Money Laundering (Prevention and Prohibition) Act 2022, s7(6) and s7(8) |
| EFCC freeze under s34 of the EFCC Act | Only while a court order subsists | GTB v Adedamola (2019), summarised by Templars |
| ICPC freeze under s45(1) of the ICPC Act | 72 working hours, then lapses unless a court extends it | Federal High Court, Abuja, Dec 2024 (ICIR) |
| Court freezing order (for example a Mareva injunction) | As long as the order stands | The order itself |
| Bank fraud-desk PND on a complaint | No fixed period in the sources we checked | CBN Industry Fraud Desk circular, 11 Jun 2015 (Templars) |
| KYC or BVN/NIN PND | Until the missing details are supplied | CBN BVN/NIN directive (TheCable, 1 Dec 2023) |
The 72-hour rule in practice
Section 7(6) of the Money Laundering Act 2022 lets the NFIU or the EFCC place a stop order 'not exceeding 72 hours' on an account suspected of involvement in unlawful activity. If the origin of the funds cannot be established in that time, section 7(8) says the Federal High Court may, at the agency's request, order the funds blocked.
In UBA v Eriba Jude-Bela Eje (2022) LPELR-57973(CA), the account had been frozen from 8 March 2019, well past 72 hours, with no court order. The Court of Appeal held that the stop order had lapsed, the bank had no power to keep the freeze, and the freeze breached the customer's rights. It affirmed the order to unfreeze, though it set aside a ₦5,000,000 damages award (LawPavilion). The same 72-hour reading appears in NPG Properties v Zenith Bank (2023) and Ipinloju Damola Femi v EFCC (2024), both summarised by Templars.
So if an agency asked your bank to freeze the account and months have passed, the first question is whether there is a court order. If there is, the freeze is lawful until the order is set aside. If there is not, the freeze may have lost its legal basis.
Bank-imposed freezes
Courts have repeatedly said a bank cannot freeze a customer's account on its own. Diamond Bank v Unaka (2019) and UBA v Antai (2018), summarised by Templars, say a bank should not restrict an account without a court order or the customer's instruction, with an exception where the bank learns the customer has died.
The picture is less simple where a bank relies on CBN fraud rules or its own terms. In Kuda Microfinance Bank v Amarachi Kenneth Blessing, decided on 27 December 2024, a customer who had received ₦5,000,000 by mistake lost her claim: the Court of Appeal held that the signed account terms and CBN instruments let the bank restrict the account without a court order. Templars notes that standard account forms can give banks wider powers than statutes do. Neither source sets a maximum period for these restrictions, which is why the bank's written explanation matters.
What to do when a freeze has gone on too long
- Write to the bank asking for the type of restriction, the date it started, and the instrument relied on: internal decision, CBN rule, agency letter (with reference) or court order (with suit number).
- If a court order is cited, ask your lawyer to obtain a copy from the court registry. It will show the court, the parties and any return date.
- If an agency letter is cited and no court order exists past the lawful period, your lawyer can write to the bank and the agency pointing to s7(6) of the Money Laundering Act and the Eje decision.
- If that fails, the usual route is a court action. Templars notes that the Federal High Court and State High Courts share jurisdiction over banker-customer disputes (Access Bank v Okpu, 2021).
- For a delay that is a service failure rather than a legal one, use the bank's complaint channel and then the CBN's Consumer Protection Department.
Worked example: counting the clock
Example only. Ada's account is restricted on Monday at 10am after her bank receives an agency stop order. Seventy-two hours ends on Thursday at 10am. On Friday she asks the bank for the authority and is told only 'agency instruction'. Her lawyer asks for any court order. If one was obtained on Wednesday, the freeze continues lawfully under it. If none exists, her lawyer writes to the bank citing the Act's 72-hour limit; the bank either produces an order or should release the account.
For the difference between restriction types, see hold, PND or freeze; for EFCC cases, how to lift an EFCC freeze; and if you have been a fraud victim, what to do in the first hour.
Where Pryme fits
Pryme's Naira accounts sit with Solid Allianze Microfinance Bank, which must act on lawful orders in the same way. If you are asked to explain where money came from, a verifiable statement from receipts and statements lets a third party confirm it has not been altered.
Questions people ask
Can a bank freeze my account for months without a court order?
The Court of Appeal in UBA v Eje (2022) held that an agency stop order lapses after 72 hours without a court order and the bank must unfreeze. Bank restrictions based on fraud rules or account terms have no fixed limit in the sources we checked.
How long can EFCC freeze an account?
A stop order under s7(6) of the Money Laundering Act 2022 cannot exceed 72 hours. Longer requires a Federal High Court order, which lasts as long as the court allows.
Can I sue my bank for freezing my account?
Customers have sued successfully where a freeze ran past its lawful basis, as in UBA v Eje. Outcomes vary, and damages are not certain; take legal advice.
Which court do I go to?
Templars notes that the Federal High Court and State High Courts have concurrent jurisdiction over banker-customer matters. Orders under the Money Laundering Act are made by the Federal High Court.
Sources
- Money Laundering (Prevention and Prohibition) Act 2022 – text via RegAlert · accessed Oct 2026
- LawPavilion: UBA Plc v Eriba Jude-Bela Eje (2022) LPELR-57973(CA), judgment 1 Jul 2022 · accessed Oct 2026
- Templars: Freezing Bank Accounts in Nigeria – Emerging Judicial Trends (19 Nov 2025) · accessed Oct 2026
- ICIR: Court restricts ICPC power to freeze bank accounts to 72 hours (17 Dec 2024) · accessed Oct 2026
- TheCable: CBN to freeze accounts without BVN or NIN from March 2024 (1 Dec 2023) · accessed Oct 2026
- CBN: Consumer Protection – complaints management · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.