Court freezes 21 bank accounts linked to money laundering, orders arrest of holders

Justice Emeka Nwite issued the ruling on Friday following an ex-parte motion filed by counsel to the Inspector-General of Police (IGP), Ibrahim Mohammed, as reported by the News Agency of Nigeria (NAN).

The accounts, domiciled in 13 banks, include Access Bank, Zenith Bank, Fidelity Bank, Guarantee Trust Bank, Sterling Bank, Wema Bank, Union Bank, United Bank for Africa, Stanbic IBTC, First Monument Bank, Heritage Bank, TAJ Bank, and Keystone Bank.

Justice Nwite instructed the banks to provide full details of the account packages, place a Post-No-Debit (PND) order on the accounts, and disable their ATM functionalities while allowing inflows. The freeze will remain in place for 90 days, pending the conclusion of investigations.

“An order directing the banks to issue details of the account package(s) and to place a Post-No-Debit (PND) on the accounts, disable the ATM while allowing inflow into the said account as from the date of this court order. 

“An order of the court, directing the bank to apprehend the account holder or any person transacting business on the said account and contact the police through this number 09011483807,” Justice Nwite ruled.

According to the IGP’s motion, the accounts allegedly served as conduits for proceeds of fraudulent activities, including a breach of trust involving a joint venture agreement for a Nigerian Navy contract.

The NAN report offered further insight, indicating that preliminary investigations revealed the suspect unilaterally altered the terms of the agreement, removed the complainant as a signatory to the joint account, and transferred funds to multiple accounts to obscure the money trail.

Detective Glory Ohio, attached to the Force Criminal Investigation Department, disclosed in an affidavit that funds meant for the execution of the contract were diverted and subsequently transferred back to accounts controlled by the suspect.

Justice Nwite emphasized the merit of the motion in his ruling, stating, “The application is hereby granted except that the period of the investigation can only last for a period of 90 days.” 

The judge adjourned the matter to April 3, 2025, for further mention.