EFCC Secures Court Order to Freeze N1.06 Billion Account Amidst Allegations of Electronic Theft
The Economic and Financial Crimes Commission (EFCC) has successfully obtained a court order to freeze a bank account linked to Yili Fu Liang Trading Co. Ltd, following allegations of conspiracy and theft involving a substantial sum of N1,065,500,000. The funds were reportedly transferred from Renmoney Microfinance Bank due to an alleged electronic banking incident.
The order was granted by Justice Yelim Bogoro of the Federal High Court, Lagos Division, on Friday, October 16, 2026, pursuant to an ex parte application filed by the EFCC. The suit, marked FHC/LAG/MISC/1392/2026, also sought an order to place six Bank Verification Numbers (BVNs) on a watchlist pending the conclusion of investigations or potential prosecution. These applications were brought under Section 44(2)(k) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), Sections 26 and 28 of the EFCC Act, and the court’s inherent jurisdiction.
According to the EFCC’s statement, the commission sought authorisation to direct the manager of the account, identified as Yili Fu Liang and domiciled with a new generation bank as a virtual account under a Kora Payment Network collection account number, to freeze the account. This measure is intended to preserve funds pending the outcome of the ongoing investigation.
The petition leading to this action was submitted by Blackwood Law on behalf of Renmoney Microfinance Bank Limited against Yili Fu Liang Trading Co. Ltd. An affidavit deposed to by Gbolahan Olabayo Dada, the EFCC’s investigating officer, detailed that the petition was received on September 21, 2026, concerning an alleged incident on September 18, 2026. This incident involved unauthorised electronic transfers totalling N1,065,500,000, occurring between approximately 4:52 p.m. and 8:00 p.m. through the bank’s application environment, with twelve transactions identified.
Preliminary investigations, as stated by Mr. Dada, indicated that the account holders lacked sufficient funds prior to the alleged incident, underscoring the necessity of securing the assets. Justice Bogoro granted the EFCC’s requests and adjourned the matter to January 19, 2027, for a report on the investigation. This development highlights the increasing sophistication of financial crimes and the proactive measures being taken by regulatory bodies to safeguard financial integrity. For legal professionals and corporate executives, this case underscores the critical importance of robust internal controls and vigilance against evolving electronic fraud tactics.
