A Federal High Court in Abuja has granted an interim order requested by the Economic and Financial Crimes Commission (EFCC) to freeze approximately 1,146 bank accounts belonging to individuals and companies under investigation for unauthorized foreign exchange dealings, money laundering, and terrorism financing.
Justice Emeka Nwite approved the EFCC’s request, allowing the commission to freeze the mentioned accounts for 90 days pending the completion of the investigation. The ruling, delivered on April 24, underscores the urgency of addressing national interests in matters of financial integrity and security.
The motion, brought under relevant constitutional and legal provisions, outlines the necessity of preserving funds in the identified bank accounts due to their association with individuals exploiting virtual cryptocurrency exchange platforms to manipulate currency values and launder proceeds from illicit activities.
Among the account names listed in the attached schedule are entities like Akitoye Adeyemi Ayomide, Clyp Trading Ltd, Clyp Consulting Ltd, Toyetech Platforms Ltd, Winx International Platforms Ltd, Shutterscore Trading Platforms Ltd, and others.
This legal action follows a previous order requiring Binance Holdings Limited to furnish the EFCC with comprehensive data of Nigerian traders using its platform. The court granted the interim order to assist the EFCC in investigating alleged money laundering and terrorism financing activities facilitated through Binance, a cryptocurrency exchange platform.
The EFCC’s investigation revealed significant trading volumes from Nigeria on Binance, amounting to $21.6 billion in 2023 alone. The commission aims to address distortions in the market caused by illicit activities on the platform, safeguarding the country’s financial integrity and stability.
As legal proceedings unfold, both the EFCC and the Federal Inland Revenue Service (FIRS) are actively pursuing legal action against Binance, underscoring the government’s commitment to combatting financial crimes and ensuring compliance with regulatory standards.
