The Federal High Court in Abuja has authorized the Economic and Financial Crimes Commission (EFCC) to freeze 67 bank accounts in multiple financial institutions as part of an investigation into an alleged ₦52.9 million fraud.
The ex-parte application submitted by EFCC attorney Martha Babatunde on the commission’s behalf was granted by Justice Emeka Nwite. The request, filed under the filing number FHC/ABJ/CS/1895/V/2024, asked for an order that would permit the chairman of the EFCC or other authorised persons to order banks to freeze the accounts, stopping any transactions while the investigation was underway.
In an affidavit presented by EFCC investigator Ikenna Chukwueze, it was revealed that the investigation stemmed from a criminal petition received on October 17, 2023. The petition, signed by a representative of ADSEL, alleged internet fraud, conspiracy, and unauthorised withdrawals totaling ₦52,991,000.
Allegations of Fund Misappropriation
The petition accused Taiwo Abubakar Oluwajuwon, owner of Heasy Enterprises, of withdrawing ₦50 million from ADSEL’s corporate account with VFD Microfinance Bank on October 16, 2023. The funds were then transferred to Heasy Enterprises’ account at Moniepoint Microfinance Bank.
The EFCC’s investigation uncovered that the stolen funds were distributed across various accounts, including:
₦19.99 million transferred to Litano Pro Limited Resources.
₦11 million transferred to Nwezeocha E-N Enterprises.
₦11.44 million and ₦10 million transferred to accounts belonging to Chigozie Okpala.
₦10 million transferred to Chukwudalu Jude Owulu.
A BVN search linked multiple accounts to the suspects, prompting the EFCC to seek the court’s intervention to preserve the funds while investigations continue.
Accounts Under Investigation
The 67 frozen accounts span numerous banks, including Union Bank, Stanbic IBTC, GTBank, Wema Bank, Zenith Bank, Access Bank, and others.
Justice Nwite, deeming the application meritorious, granted a 90-day freezing order and adjourned the matter until March 24 for further mention.
The EFCC seeks to protect the integrity of the inquiry and stop money that might be connected to illegal activity from being spent.
