In Abuja A Federal High Court has approved an interim order requested by the Economic and Financial Crimes Commission (EFCC) to freeze at least 1,146 bank accounts who were allegedly involved in illegal foreign exchange transactions.

The Presiding judge Justice Emeka Nwite, in a decision on the ex-parte motion presented by the anti-graft agency’s lawyer, Ekele Iheanacho, according to Justice Nwite the commission will complete the investigation within 90 days.

The issued verdict’s certified true copy was granted on Monday.

Other offenses which are still under investigation by the EFCC involve money laundering and terrorism financing.

In Justice Nwite statement

“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 unauthorized dealing in foreign exchange, money laundering, and terrorism financing to the extent that the investigation will be for a period of 90 (Ninety) days.”

According to the order, EFCC filed in the motion ex-parte labeled: FHC/ABJ/CS/543/2024 dated April 24 by Iheanacho, and was presented before the judge the same day in the interest of national security.

This motion was filed 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.

EFCC requested an order to freeze the bank accounts listed in the schedule attached to the motion until the investigation is completed.

According to EFCC below is their reasons:

“The bank accounts in respect of which the reliefs are sought are subject matters of investigation by the EFCC in relation to 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 need to preserve the funds in the identified bank accounts pending the conclusion of investigation and possible prosecution.”

The case was consequently adjourned by Justice Nwite until July 23 for mention.