Over 1,000 Forex Accounts Frozen by EFCC as Anti-Terrorism Investigation Expands

The Federal High Court of Abuja has granted the Economic and Financial Crimes Commission (EFCC) an interim order to freeze 1,146 bank accounts. The affected accounts are under investigation for alleged offences that include unauthorized forex exchange dealings, money laundering, and terrorism financing.

Justice Emeka Nwite, presiding over the case, emphasized the gravity of the situation, stating, “An order of this honorable 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 offenses of unauthorized 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’s counsel, Ekele Iheanacho, presented compelling evidence to the court, leading to the decisive action. “Preliminary investigation conducted thus far reveals that the bank accounts are linked to persons who take advantage of the virtual cryptocurrency exchange platforms to illegally manipulate the value of naira and laundering proceeds of unlawful activities,” Iheanacho explained.

The judge further highlighted the need to preserve the integrity of the financial system, adding, “There was a need to preserve the funds in the identified bank accounts pending the conclusion of investigation and possible prosecution.”

The sweeping order affects a wide array of sectors, including agri-businesses, logistics and haulage, microfinance banks, and engineering companies. This move signifies the EFCC’s unwavering commitment to eradicating financial malpractice and safeguarding the nation’s economy.

The matter has been adjourned to July 23, 2024, for further mention, as the nation watches closely for the outcome of this high-stakes investigation.

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