Business News

Forex crisis: EFCC receives Court’s approval to freeze 1,146 accounts involved in illicit transactions

A Federal High Court in Abuja has approved an interim order requested by the Economic and Financial Crimes Commission (EFCC) to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.

Justice Emeka Nwite, in a decision on the ex-parte motion presented by the anti-graft agency’s lawyer, Ekele Iheanacho, also approved the commission’s request to complete the investigation within 90 days.

Though the verdict was issued on April 24, its certified true copy was granted on Monday.

The other offenses under investigation by the EFCC involve money laundering and terrorism financing.

The EFCC, in the motion ex-parte labeled: FHC/ABJ/CS/543/2024 dated and filed on April 24 by Iheanacho, was presented before the judge the same day in the interest of national security.

The motion was filed under Section 44(2) and (k) of the 1999 Constitution; Section 34 of the EFCC Establishment Act 2004; Section 7(8) of the Money Laundering Prevention and Prohibition Act, 2022, and under the inherent jurisdiction of the court.

The agency had requested an order to freeze the bank accounts listed in the schedule attached to the motion until the investigation is completed.

Providing three reasons for seeking the reliefs, it said:

Justice Nwite consequently adjourned the matter until July 23 for mention.