JUSTICE Emeka Nwite of the Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) an interim order freezing 1,146 bank accounts belonging to individuals and companies under investigation for alleged offences involving unauthorized forex trading, money laundering, and terrorism financing.
The judge ordered that the accounts be frozen pending the conclusion of the investigation.
While ruling on a motion moved by the EFCC counsel, Ekele Iheanacho, the judge stated, “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 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 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 further noted that the funds in the identified bank accounts needed to be preserved pending the conclusion of the investigation and possible prosecution.
Justice Nwite adjourned the case for mention to July 23, 2024.
Companies affected by the freezing order include those dealing in agro-business, logistics and haulage, microfinance institutions, and engineering, among others.
