In a significant development, Justice Emeka Nwite of the Federal High Court Abuja has issued an interim order granting the Economic and Financial Crimes Commission (EFCC) authority to freeze 1,146 bank accounts belonging to individuals and companies under investigation for alleged offences related to unauthorized foreign exchange transactions, money laundering, and terrorism financing.
The ruling, delivered in response to a motion presented by EFCC counsel Ekele Iheanacho, mandates the freezing of the accounts pending the conclusion of the investigation. The order stipulates a duration of 90 days for the investigative process.
Justice Nwite underscored the necessity of preserving the funds held in the identified bank accounts during the investigative phase and potential prosecution. The judge highlighted preliminary findings indicating that the frozen accounts were associated with individuals exploiting virtual cryptocurrency exchange platforms to unlawfully manipulate the value of the Nigerian currency and launder proceeds from illicit activities.
The matter has been adjourned to July 23, 2024, for further mention.
The affected entities span various sectors, including agro-businesses, logistics and haulage, microfinance banks, and engineering firms, among others.
This development underscores the EFCC’s ongoing efforts to combat financial crimes and uphold the integrity of the nation’s financial system. It also highlights the judiciary’s role in ensuring due process and accountability in investigations related to economic offences.
In related news, recent testimonies and disclosures have implicated key figures in the financial sector, including allegations of bribery involving the Governor of the Central Bank of Nigeria (CBN), which further underscores the importance of robust regulatory measures and enforcement actions.
The EFCC’s action comes amidst a broader regulatory landscape, with recent decisions by regulatory bodies such as the Nigerian Electricity Regulatory Commission (NERC) deregulating prepaid meter prices and the CBN imposing restrictions on certain financial service providers.
