The Economic and Financial Crimes Commission (EFCC) has been ordered by the Federal High Court (FHC) to freeze 1,146 suspicious accounts linked to FX manipulation.
EFCC’s Head of Media and Publicity, Dele Oyewale in a statement on X, said the commission has been ordered to freeze suspicious FX accounts by the Federal High Court in Abuja on Monday.
Justice Emeka Nwite of the Federal High Court Abuja, on Wednesday, 24th April, granted the EFCC, an interim order to freeze One Thousand, One Hundred and Forty Six (1,146) bank accounts belonging to individuals and companies who were being investigated for alleged offences bordering on unauthorized dealing in forex exchange, money laundering, and terrorism financing.
In a ruling 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 unauthorized 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 therefore ordered that the accounts be frozen “pending conclusion of investigation,” also stating that there was need to preserve the funds in the identified bank accounts pending conclusion of investigation and possible prosecution.
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The companies affected by the freezing order range from entities involved in agri-businesses, logistics and haulage, microfinance banks, engineering, among others.
Justice Nwite went ahead to adjourn the matter to July 23.
