The Economic and Financial Crimes Commission (EFCC) is set to freeze 1,146 Nigerian bank accounts suspected of carrying out illegal foreign exchange transactions as well as money laundering and terrorism financing. This follows the approval of an interim order to that effect by the Federal High Court in Abuja. The Certified True Copy of that order was made available on Monday.
The bank accounts belong to several individuals and organisations and they include Akitoye Adeyemi Ayomide with GTBank account number 0165110025; Clyp Trading Ltd with Titan Trust Bank account number 0000331101, Clyp Consulting Ltd with Providus account number 9401374554, and Toyetech Platforms Ltd with Titan Trust Bank account number 0000134962.
Others are Winx International Platforms Ltd with Titan Trust Bank account number 0000135055; Shutterscore Trading Platforms Ltd with Access Bank account number 1532363954, Tradecillion Trading Ltd with Stanbic IBTC account number 0045672922, and Nsofor Donald Nmamdi with GTBank account number 0449088666.
Also on the EFCC list are Kora Payments Network Ltd-Operations with UBA account number 1022242089, Renderstack Technologies Ltd with Zenith Bank account number 1210355120, Korex Payments Ltd with Globus account number 5000007837, Awe Microfinance Bank Ltd with Providus account number 5400760781, and Victor Samuel Asuquo with Opay Digital Services Ltd account number 9020132068.
Justice Emeka Nwite of the Federal High Court, while granting the ex-parte motion presented by the Commission’s lawyer, Ekele Iheanacho, also approved its request to complete the investigation within 90 days.
According to Justice Nwite: “It is hereby ordered as follows: That the applicant’s application is hereby granted as prayed. 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 EFCC’s fight against Forex manipulation
Nigeria finds itself grappling with a foreign exchange situation that has refused to go away. Weeks of the naira strengthening against the dollar and even trading below N1,000 to the dollar has since been followed by a steady dwindling of fortunes with the local currency depreciating to around N1,400 per dollar.
On April 24, The EFCC’s counsel, Ekele Iheanacho presented a motion ex-parte labeled: FHC/ABJ/CS/543/2024 before the justice. The motion was filed 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.
Stating that the matter was in the interest of national security, the EFCC had requested an order to freeze the bank accounts listed and attached to the motion until the investigation is completed. It also assured that the investigations would be completed within 90 days.
The Commission provides three reasons for seeking the freeze thus:
“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. That there is a need to preserve the funds in the identified bank accounts pending the conclusion of investigation and possible prosecution.”
EFCC
Justice Nwite also adjourned the matter until July 23, which is exactly 90 days to the day, for mention.
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