Court orders EFCC to freeze 1,146 accounts over ‘unauthorised foreign exchange’ transactions

A federal high court in Abuja has granted an interim order to the Economic and Financial Crimes Commission (EFCC) to freeze at least 1,146 bank accounts belonging to individuals and companies over “unauthorised foreign exchange” transactions.

The commission is also investigating the individuals for “money laundering and terrorism financing”.

Emeka Nwite, the presiding judge, granted the order while ruling on an ex-parte motion moved by Ekele Iheanacho, counsel to the EFCC.

The court also ordered the commission to conclude the investigation within 90 days.

“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 unauthorised 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 ruled.

NAN reports that though the ruling was delivered on April 24, the certified true copy was seen on Monday.

The motion by the anti-graft agency was brought under section 44 (2) and (K) of the 1999 Constitution; section 34 of the EFCC Establishment Act 2004; section 7(8) of the Money Laundering Prevention and Prohibition Act 2022 and under the inherent jurisdiction of the court.

The commission said, “the bank accounts in respect of which the reliefs are sought are subject matters of investigation by the EFCC in relation to money laundering and terrorism financing”.

“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 launder proceeds of unlawful activities,” the agency added in the motion filed before the court.

“That there is a need to preserve the funds in the identified bank accounts pending the conclusion of the investigation and possible prosecution.”

Nwite consequently adjourned the matter until July 23 for mention.

Some of the account names mentioned in the attached schedule are Akitoye Adeyemi Ayomide with GTBank account number: 0165110025; Clyp Trading Ltd, Titan Trust Bank account number: 0000331101; Clyp Consulting Ltd, Providous account number: 9401374554; and Toyetech Platforms Ltd, Titan Trust Bank account number: 0000134962.

Others are Winx International Platforms Ltd, Titan Trust Bank account number: 0000135055; Shutterscore Trading Platforms Ltd, Access Bank account number: 1532363954; Tradecillion Trading Ltd, Stanbic IBTC account number: 0045672922; and Nsofor Nmamdi, GTBank account number: 0449088666

Kora Payments Network Ltd-Operations, UBA account number: 1022242089; Renderstack Technologies Ltd, Zenith Bank account number: 1210355120; Korex Payments Ltd, Globus account number: 5000007837; and Awe Microfinance Bank Ltd, Providous account number: 5400760781; and Victor Asuquo, Opay Digital Services Ltd account number: 9020132068.

Others are Akingbade Sabit Juwon, ECONANK account number: 3442053006; Nsofor Nnamdi, Union Bank account number: 0140460572; Asuquo Samuel, First Bank account number: 3153199542; Oty Ugochukwu Stanley, FCMB account number: 4039304011; Oty & Sons Global Concepts, Fidelity Bank account number: 6060410145; and Pelumi Ayandoye, Wema Bank account number: 0234852277; and David  Ajala, Fidelity Bank account number: 5090680780, among others.