In a significant legal development, the Federal High Court in Abuja has authorized the Economic and Financial Crimes Commission (EFCC) to freeze 67 bank accounts across various financial institutions. This action is part of an ongoing investigation into an alleged ₦52.9 million fraud affecting a customer of VFD Microfinance Bank Limited.
The case centers on Advance Development Services Engineering Limited (ADSEL), a corporate client of VFD Microfinance Bank. According to court documents, on October 16, 2023, ADSEL’s corporate account was compromised, resulting in an unauthorized withdrawal of ₦50 million. These funds were swiftly transferred to an account at Moniepoint Microfinance Bank, held by Heasy Enterprises, owned by one Taiwo Abubakar Oluwajuwon.
Subsequent investigations by the EFCC revealed that the misappropriated funds were further distributed to multiple individuals and entities. Notable transactions include transfers of ₦19.99 million to Litano Pro Limited Resources, ₦11 million to Nwezeocha E-N Enterprises, and sums of ₦11.44 million and ₦10 million to an individual named Chigozie Okpala. These findings prompted the EFCC to seek a court order to freeze the implicated accounts to prevent further dissipation of the alleged proceeds of crime.
Justice Emeka Nwite, presiding over the case, granted the EFCC’s ex-parte motion, empowering the commission to direct the managing directors of the affected banks to halt all transactions related to the specified accounts. The judge acknowledged the merit of the application and scheduled the matter for further mention on March 24, 2025.
The implicated accounts are spread across numerous financial institutions, including Union Bank, Stanbic IBTC Bank, Guaranty Trust Bank, Wema Bank, OPAY, Zenith Bank, KUDA, United Bank for Africa (UBA), First City Monument Bank (FCMB), Moniepoint, Keystone Bank, Access Bank, Providus Bank, Globus Bank, Polaris Bank, Standard Chartered Bank, TAJ Bank, First Bank, PALMPAY, and VFD Microfinance Bank.
This case underscores the critical importance of robust cybersecurity measures within Nigeria’s banking sector. The EFCC’s swift intervention highlights the agency’s commitment to combating financial crimes and protecting the integrity of the financial system. As the investigation progresses, stakeholders and the public alike will be keenly observing the outcomes and any potential implications for banking practices and customer security protocols.
