COURT ALLOWS EFCC TO FREEZE 1,146 INDIVIDUALS’ AND COYS ACCOUNTS

Babatunji Wusu –

A Federal High Court in Abuja has permitted the Economic and Financial Crimes Commission (EFCC) to freeze 1,146 bank accounts associated with illicit foreign exchange transactions, money laundering, and terrorism financing.

Justice Emeka Nwite approved the temporary remedy in response to an ex parte motion filed by the EFCC’s attorney, Ekele Iheanacho.

This court action seeks to restrict activity in accounts held by persons and corporations suspected of abusing the financial system, including the use of cryptocurrency platforms for criminal purposes.

“An order of this honourable court is hereby made freezing the bank accounts stated in the schedule… owned by various individuals currently under investigation,” Justice Nwite in his ruling said.

The judge highlighted that the freeze would be in place for 90 days to facilitate the commission’s continuing inquiry.

According to sources, the impacted accounts are allegedly involved in operations that destabilise the value of the Nigerian naira through illicit and undeclared foreign exchanges and cryptocurrency transactions.

These practices violate banking regulations and threaten the country’s overall economic stability.

Justice Nwite has scheduled the next hearing for July 23, when more developments are likely.

Meanwhile, the identities of certain account holders have been revealed, ranging from individual traders to corporate entities such as Clyp Trading Ltd and Korex Payments Ltd. This demonstrates the vast network of possible financial misconduct.

This court decision is part of a larger EFCC initiative to combat financial crimes related with cryptocurrency platforms. Earlier this year, Justice Nwite directed Binance Holdings Limited to produce detailed data on Nigerian traders, revealing massive market manipulations that allegedly contributed to the naira’s devaluation.