Court Grants EFCC 90-Day Order To Freeze 24 Accounts Over Alleged Terrorism Financing

Abuja, Nigeria– A Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) permission to freeze 24 bank accounts across various financial institutions.

This move follows allegations of terrorism financing and money laundering.

Justice Emeka Nwite gave the EFCC the go-ahead after the commission’s lawyer, Martha Babatunde, presented an ex-parte motion.

The freeze order, which is valid for 90 days, is to remain in effect pending the conclusion of an ongoing investigation.

The accounts, registered under Lawrence Lucky Eromosele, a suspect currently under investigation for kidnapping, are central to the probe.

Ekele Iheanacho, SAN, who filed the motion, revealed that the accounts are being investigated for their potential links to terrorism financing and money laundering activities.

The application, filed by senior counsel Ekele Iheanacho, in case suit with FHC/ABJ/CS/1897/V/2024.

The lawyer explained that the bank accounts in question are currently under investigation by the Economic and Financial Crimes Commission (EFCC) for possible links to money laundering and terrorism financing.

The News Agency of Nigeria, the lawyer revealed that preliminary findings show the accounts are connected to individuals using virtual cryptocurrency platforms to manipulate the value of the naira and launder proceeds from illegal activities.

He argued that the funds in these accounts should be preserved until the investigation concludes and any potential prosecution is initiated.

In an affidavit filed by Mohammed Khalil, an investigator with the EFCC’s Special Investigation Team, which is part of the National Security Adviser’s (NSA) Office, he confirmed being part of the team tasked with the investigation.

He explained that the NSA, Nuhu Ribadu, had instructed the team to look into a syndicate threatening the lives of senior NSA operatives by demanding ransom payments.

Following this directive, the team began monitoring the syndicate’s activities and sought relevant banking information.

Khalil stated that Lawrence Lucky Eromosele was identified as one of the perpetrators.

He further detailed that operatives had received direct threats involving their families, with specific information about their home addresses and movements, and a warning of kidnappings unless ransom payments were made.

Khalil claimed that one of the suspects had even contacted an operative, demanding money in exchange for the safety of the operative and their family.

As evidence, Khalil provided a printout of a conversation between one of the perpetrators and the operative, marked as Exhibit EFCC 1.

He also explained that, in response to the threats, the investigation had identified several bank accounts linked to the individuals behind them. These were included as Exhibit EFCC 2.

Khalil added that intelligence suggested the accounts were being used to launder funds for criminal and terrorist activities through cryptocurrency platforms.

The investigator stated that a court order was needed to freeze the accounts listed in the motion paper while the investigation continues.

At the hearing, Babatunde, representing the EFCC, informed the court that the motion was filed on December 17 and requested an order to freeze the accounts detailed in the attached schedule.

She asked the court to grant the order, and when Justice Nwite inquired about the expected duration of the investigation, Babatunde stated it would take approximately 90 days.

The judge granted the request and adjourned the case to March 24, 2025, for further mention.