Court Freezes 67 Bank Accounts Over Alleged ₦52.9 Million Fraud

A Federal High Court in Abuja has approved the request of the Economic and Financial Crimes Commission (EFCC) to freeze 67 bank accounts linked to an alleged ₦52.9 million fraud.

Presiding over the case, Justice Emeka Nwite granted the EFCC’s ex parte application, empowering the commission’s chairman, Ola Olukoyede, and other officials to instruct managing directors of the affected banks to halt all transactions on the accounts during the investigation.

Martha Babatunde, counsel to the EFCC, informed the court that the accounts contained proceeds of criminal activity. She argued that freezing the accounts was necessary to prevent the dissipation of funds while investigations are ongoing.

The court granted the EFCC a 90-day freeze period, deeming the application meritorious. Babatunde assured the court that the agency would conclude its investigation within the specified timeframe.

The affidavit supporting the application was deposed by EFCC investigator Ikenga Chukwueze, who detailed the origin of the case. According to Chukwueze, the EFCC received a petition from Advance Development Services Engineering Limited (ADSEL) accusing Taiwo Abubakar Oluwajuwon and Heasy Enterprises of illicitly withdrawing over ₦50 million from its corporate account at VFD Microfinance Bank on October 16, 2023.

Chukwueze stated that the withdrawn funds were transferred to an account operated by Oluwajuwon under Heasy Enterprises. Further investigations revealed that portions of the funds were redistributed to other accounts, which have also been linked to the fraud and included in the freeze order.

This development follows another recent ruling where the court authorized the EFCC to freeze 24 accounts allegedly tied to terrorism financing.