Court Freezes 67 Bank Accounts in ₦52.9m Fraud Investigation
The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) permission to freeze 67 bank accounts in connection with an alleged N52.9 million fraud. The court’s decision, delivered by Justice Emeka Nwite, follows an ex parte application by the anti-graft agency.
The EFCC had sought the court’s approval to empower its chairman, Ola Olukoyede, along with other agency officials, to direct the managing directors of the affected banks to freeze transactions on these accounts. This action is part of an ongoing investigation into the alleged fraudulent activities.
During the court session, EFCC counsel Martha Babatunde argued that the accounts in question were used to funnel proceeds of crime. She expressed concern that without the freeze order, the funds might be dissipated before the investigation could be concluded. Babatunde requested a 90-day period to complete the probe, which the court granted, ruling the application was justified.
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The investigation is centered around a petition filed by Advance Development Services Engineering Limited (ADSEL), which accused Taiwo Abubakar Oluwajuwon and Heasy Enterprises of involvement in the illegal withdrawal of over N50 million from ADSEL’s corporate account at VFD Microfinance Bank on October 16, 2023. According to the EFCC’s affidavit, after the funds were taken, they were transferred to an account owned by Heasy Enterprises and operated by Oluwajuwon. The affidavit further alleges that Oluwajuwon subsequently moved the money to several other accounts, which are now part of the court’s freeze order.
This decision marks another step in the EFCC’s broader efforts to combat financial crimes, following a similar court order earlier this year that froze 24 bank accounts in a terrorism financing case.
