By Joke Kujenya
A SIGNIFICANT move in the ongoing battle against financial crimes unfolded as Justice Emeka Nwite of the Federal High Court, Abuja, on Wednesday, April 24, 2024, issued an interim order in favour of the Economic and Financial Crimes Commission (EFCC).
The order pertained to the freezing of a substantial number of bank accounts ─ totaling 1,146 ─ owned by both individuals and companies under investigation for a spectrum of alleged offenses, including unauthorized forex exchange dealings, money laundering, and involvement in terrorism financing.
The ruling, which came in response to a motion presented by the EFCC counsel, Ekele Iheanacho, directed the freezing of the said accounts until the investigation reaches its conclusion.
Justice Nwite, in his directive, emphasized the necessity of safeguarding the funds associated with these accounts during the investigative phase, highlighting concerns about potential exploitation of virtual cryptocurrency exchange platforms for illegal currency manipulation and money laundering activities.
Furthermore, the court set a timeframe of 90 days for the investigation, underscoring the gravity of the accusations and the urgency of the matter. Entities affected by the freeze order span a wide spectrum of industries, ranging from agri-businesses and logistics to microfinance banks and engineering firms.
A statement signed by Dele Oyewale, Head, Media & Publicity on April 29, 2024, notes that in the light of these developments, Justice Nwite scheduled the next hearing for July 23, 2024, marking a crucial step forward in the legal proceedings, noting that the decision pinpoints the commitment of law enforcement agencies to combat financial crimes and ensure the integrity of the nation’s financial systems.
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