In a significant development, Justice Emeka Nwite of the Federal High Court Abuja granted the Economic and Financial Crimes Commission (EFCC) an interim order to freeze 1146 bank accounts. These accounts belong to individuals and companies under investigation for alleged offenses related to unauthorized forex exchange dealings, money laundering, and terrorism financing.
The ruling, issued on Wednesday, April 24, 2024, stipulates that the accounts remain frozen “pending conclusion of investigation.” The motion for the freeze was presented by EFCC counsel Ekele Iheanacho, who argued that such action was necessary to prevent further illicit activities pending the outcome of the investigation.
Justice Nwite emphasized the importance of preserving the funds in the identified bank accounts during the investigative process. He highlighted that preliminary findings suggested these accounts were linked to individuals exploiting virtual cryptocurrency exchange platforms to illegally manipulate the value of the naira and launder proceeds from unlawful activities.
The judge set the duration of the freeze at 90 days, allowing for a thorough investigation into the alleged offenses. The case is scheduled for mention on July 23, 2024.
The affected entities span various sectors, including agribusinesses, logistics and haulage, microfinance banks, and engineering. This development underscores the authorities’ commitment to combatting financial crimes and ensuring the integrity of the financial system.
