In a significant development in the fight against financial crimes, the Federal High Court, Abuja, has granted an interim order to freeze at least 1,146 bank accounts belonging to individuals and companies. The order was sought by the Economic and Financial Crimes Commission (EFCC) over allegations including unauthorized dealing in foreign exchange, money laundering, and terrorism financing.
The ruling, delivered by Justice Emeka Nwite, came in response to an ex-parte motion moved by the EFCC’s counsel, Ekele Iheanacho. The court also granted the commission’s application to conclude its investigation within 90 days.
The motion, marked FHC/ABJ/CS/543/2024 and dated April 24, was heard the same day it was filed, emphasizing the urgency and national interest involved. It was brought under relevant legal frameworks, including sections of the 1999 Constitution, the EFCC Establishment Act 2004, and the Money Laundering Prevention and Prohibition Act 2022.
The EFCC, in its motion, stated that the frozen accounts were under investigation for their alleged involvement in money laundering and terrorism financing. Preliminary investigations revealed links between these accounts and individuals exploiting virtual cryptocurrency exchange platforms to manipulate the value of the Naira and launder proceeds of unlawful activities.
Justice Nwite’s ruling orders the freezing of the identified bank accounts for the duration of the investigation to prevent the dissipation of funds. The matter has been adjourned until July 23 for mention.
Among the account names listed in the attached schedule are Akitoye Adeyemi Ayomide, Clyp Trading Ltd, Clyp Consulting Ltd, Toyetech Platforms Ltd, Winx International Platforms Ltd, Shutterscore Trading Platforms Ltd, Tradecillion Trading Ltd, Nsofor Donald Nmamdi, Kora Payments Network Ltd-Operations, Renderstack Technologies Ltd, Korex Payments Ltd, Awe Microfinance Bank Ltd, Victor Samuel Asuquo, Akingbade Sabit Juwon, Asuquo Victor Samuel, Oty Ugochukwu Stanley, Oty & Sons Global Concepts, Pelumi Ayandoye, and David George Ajala, among others.
This development follows a previous order by Justice Nwite to Binance Holdings Limited to provide EFCC with comprehensive data on all Nigerian users trading on its platform. The interim order, granted on February 29, aimed to assist in unraveling alleged money laundering and terrorism financing activities on the cryptocurrency exchange platform.
The EFCC’s investigation team uncovered users manipulating markets on Binance, resulting in distortions and the devaluation of the Naira against other currencies. The total trading volume from Nigeria on the platform in 2023 alone was reported to be $21.6 billion.
While EFCC is prosecuting Binance and two of its executives for alleged money laundering, the Federal Inland Revenue Service (FIRS) is pursuing the company for alleged tax evasion offenses.
Credit: NAN
