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In a decisive move to combat irregularities in foreign exchange (FX) transactions, the Economic and Financial Crimes Commission (EFCC) has achieved a significant legal victory in Nigeria’s courts. The Federal High Court has authorized the anti-graft agency’s request to freeze the accounts of 1,146 individuals and companies suspected of involvement in FX-related offenses, marking a substantial crackdown on financial misconduct in the nation.
According to reports from the News Agency of Nigeria (NAN), the offenses under investigation by the EFCC include money laundering and terrorism financing.
Justice Emeka Nwite, in a ruling on the ex-parte motion presented by the EFCC’s counsel, Ekele Iheanacho, granted the commission’s application to conclude the investigation within 90 days. Justice Nwite emphasized: “It is hereby ordered as follows: That the applicant’s application is hereby granted as prayed.”
The court order mandates the freezing of bank accounts specified in the schedule attached to the motion, which are owned by various individuals under investigation for unauthorized FX dealings, money laundering, and terrorism financing. The freezing of these accounts will last for a period of 90 days to facilitate the investigation process.
While the ruling was issued on April 24, the certified true copy was made available on Monday, as reported by NAN.
The motion ex-parte, marked FHC/ABJ/CS/543/2024 and filed on April 24 by Iheanacho, was swiftly heard by the judge the same day in the interest of national security. The motion was brought under several legal provisions, including Section 44(2) and (K) of the 1999 Constitution, Section 34 of the EFCC Establishment Act 2004, and Section 7(8) of the Money Laundering Prevention and Prohibition Act, 2022.
The EFCC asserted the necessity to freeze the bank accounts pending the conclusion of the investigation, citing preliminary findings that linked the accounts to individuals exploiting virtual cryptocurrency exchange platforms to manipulate the value of the Naira and launder proceeds of unlawful activities.
This legal action underscores the EFCC’s commitment to combat financial crimes and uphold the integrity of Nigeria’s financial system.
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