The Economic and Financial Crimes Commission (EFCC) has been authorised to freeze 1,146 bank accounts linked to individuals and companies under investigation for various offences, including illegal forex trading, money laundering, and financing terrorism. Justice Emeka Nwite of the Federal High Court Abuja issued the order on Wednesday, April 24, 2024, stipulating that the accounts remain frozen until investigations are concluded.
“That an order of this honourable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorized dealing in foreign exchange, money laundering and terrorism financing to the extent that the investigation will be for 90 (ninety) days.”
“That preliminary investigation conducted thus far reveals that the bank accounts are linked to persons who take advantage of the virtual cryptocurrency exchange platforms to illegally manipulate the value of naira and laundering proceeds of unlawful activities,” the Judge stated while ruling on a motion moved by the EFCC counsel, Ekele Iheanacho.
Entities involved in logistics and haulage, microfinance banks, engineering, and agri-businesses were affected by the order. Justice Nwite adjourned the case for mention on July 23, 2024.
