In continuation of its effort to tackle illegal forex activities, the Economic and Financial Crimes Commission (EFCC) has set its sights on 1,146 bank accounts linked to individuals and companies suspected of money laundering, unauthorized forex trading, and illegal manipulation of the Nigerian currency, the naira.
The move comes after an interim order granted by Justice Emeka Nwite of the Federal High Court, Abuja, to freeze the accounts, as disclosed by the EFCC.
Delivering his ruling on the ex-parte application brought by the EFCC, Justice Nwite said, “It is hereby ordered as follows: That the applicant’s application is hereby granted as prayed.
“That an order of this honourable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorised dealing in foreign exchange, money laundering and terrorism financing to the extent that the investigation will be for a period of 90 days.”
The EFCC, in the motion ex-parte marked: FHC/ABJ/CS/543/2024 dated and filed April 24 by Iheanacho, was heard by the judge the same day in the national interest.
The motion was brought 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.
According to the commission, these accounts are believed to be involved in exploiting cryptocurrency platforms to unlawfully influence the value of the naira and launder proceeds from illicit activities.
Giving three grounds upon which the reliefs were sought, it said: “The bank accounts in respect of which the reliefs are sought are subject matters of investigation by the EFCC about money laundering and terrorism financing.
“That preliminary investigation conducted thus far reveals that the bank accounts are linked to persons who take advantage of the virtual crypto-currency exchange platforms to illegally manipulate the value of naira and launder proceeds of unlawful activities.
“That there is a need to preserve the funds in the identified bank accounts pending the conclusion of the investigation and possible prosecution.”
The EFCC Chairman, Ola Olukoyede, emphasized the importance of safeguarding the stability of the foreign exchange market and protecting the economy, especially in light of the significant volume of transactions conducted through illegal forex platforms.
Previously, the EFCC had frozen 300 illegal forex accounts operating on peer-to-peer platforms, underscoring its commitment to curbing the depreciation of the naira against foreign currencies.
Some of the account names mentioned in the attached schedule are Akitoye Adeyemi Ayomide with GTBank account number, 0165110025; Clyp Trading Ltd, Titan Trust Bank account number: 0000331101; Clyp Consulting Ltd, Providus account number: 9401374554 and Toyetech Platforms Ltd, Titan Trust Bank account number: 0000134962.
They also include Winx International Platforms Ltd with Titan Trust Bank account number: 0000135055; Shutterscore Trading Platforms Ltd, Access Bank account number: 1532363954; Tradecillion Trading Ltd, Stanbic IBTC account number: 0045672922 and Nsofor Nmamdi, GTBank account number: 0449088666.
They equally include Kora Payments Network Ltd-Operations, UBA account number: 1022242089; Renderstack Technologies Ltd, Zenith Bank account number: 1210355120; Korex Payments Ltd, Globus account number: 5000007837 and Awe Microfinance Bank Ltd, Providus account number: 5400760781 and Victor Asuquo, Opay Digital Services Ltd account number: 9020132068.
Others are Akingbade Juwon, ECOBank account number: 3442053006; Nsofor Donald Nmamdi, Union Bank account number: 0140460572; Asuquo Victor Samuel, First Bank account number: 3153199542; Oty Ugochukwu Stanley, FCMB account number: 4039304011.
Other accounts suspended are Oty & Sons Global Concepts, Fidelity Bank account number: 6060410145; Pelumi Ayandoye, Wema Bank account number: 0234852277; David George Ajala, Fidelity Bank account number: 5090680780, among others.
Additionally, the Nigerian government has taken measures to address forex market manipulation, including blocking online platforms like Binance and detaining executives of crypto firms suspected of illicit activities.