Court grants EFCC interim order to freeze over 1,000  bank accounts

Justice Emeka Nwite of the Federal High Court Abuja has granted the Economic and Financial Crimes Commission (EFCC) an interim order to freeze 1,146 bank accounts owned by individuals and companies under investigation.

The investigation revolves around alleged offences related to unauthorised dealing in forex exchange, money laundering, and terrorism financing.

The judge’s decision came as a response to a motion presented by EFCC counsel, Ekele Iheanacho, during proceedings.

Justice Nwite stated, “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 90 (ninety) days.”

Moreover, the preliminary investigation uncovered a connection between these accounts and individuals exploiting virtual cryptocurrency exchange platforms to manipulate the value of the naira and launder proceeds from illegal activities.

Recognising the need to safeguard the funds in question during the investigation and potential prosecution, the judge emphasised the importance of preserving the identified bank accounts.

In light of these developments, Justice Nwite adjourned the matter to July 23, 2024, for further proceedings.

The freezing order affects a wide range of companies across various sectors, including agro-businesses, logistics and haulage, microfinance banks, and engineering, among others.