The Economic and Financial Crimes Commission (EFCC), was granted an interim order on Wednesday, April 24, 2024, by Justice Emeka Nwite of the Federal High Court Abuja, to freeze 1,146 bank accounts that belong to people and businesses under investigation for possible crimes including money laundering, terrorism financing, and unlicensed forex trading.
The accounts must remain frozen “pending conclusion of investigation,” the judge ordered.
While ruling on a request submitted by EFCC counsel, Ekele Iheanacho, the judge noted, “that an order of this honorable 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 a period of 90 (ninety) days.”
The judge added “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 ordered the preservation of funds in designated bank accounts for inquiry and prosecution.
Justice Nwite rescheduled the case until July 23, 2024, for mention.
Businesses engaged in agriculture, transportation and logistics, microfinance banks, engineering, and other related fields are among those impacted by the freezing order.
