Nigerian Court Grants EFCC Order to Freeze 1,146 Suspicious Company, Personal Accounts Linked to Foreign Exchange Manipulation
Justice Emeka Nwite of the Federal High Court in Abuja has granted an interim order to the Economic and Financial Crimes Commission (EFCC) to freeze 1,146 bank accounts associated with individuals and companies under investigation for alleged unauthorized forex trading, money laundering, and terrorism financing. The judge specified that the freezing of these accounts is to remain in effect until the investigation is concluded.
The decision came after EFCC’s counsel, Ekele Iheanacho, presented a motion before the court. Justice Nwite’s ruling freezes the mentioned accounts for a period of 90 days, reflecting the duration of the ongoing investigation. The judge highlighted that preliminary findings suggest these accounts are linked to individuals exploiting virtual cryptocurrency exchanges to manipulate the value of the Nigerian currency, the naira, and to launder proceeds from illicit activities.
The primary aim of freezing the accounts is to preserve the funds therein pending the completion of the investigation and potential prosecution. EFCC’s Head of Media and Publicity, Dele Oyewale, emphasized the necessity of safeguarding the identified funds until the investigation reaches a conclusion.
The case has been adjourned until July 23, 2024, for further proceedings. Notably, the affected entities span various sectors, including agri-businesses, logistics, haulage, microfinance banking, and engineering.
In summary, Justice Nwite’s ruling temporarily freezes over a thousand bank accounts as part of an ongoing investigation into unauthorized forex trading, money laundering, and terrorism financing. The decision underscores the court’s commitment to preserving the funds associated with these accounts until the investigation is completed. The matter is set to be revisited in July 2024, with a wide range of companies impacted by the freezing order.
Sahara Reporters
