Justice Emeka Nwite of the Federal High Court Abuja has granted the Economic and Financial Crimes Commission (EFCC) an interim order to freeze 1,146 bank accounts owned by individuals and companies under investigation for suspected involvement in unauthorized forex trading, money laundering, and financing terrorism.

In response to a motion presented by EFCC counsel Ekele Iheanacho, the judge ordered the freezing of the accounts until the investigation concludes. "This honorable court hereby orders the freezing of the bank accounts listed in the schedule below, owned by various individuals currently under investigation for unauthorized forex trading, money laundering, and terrorism financing, for 90 days," the judge stated.

The judge emphasized that preliminary investigations revealed connections between the bank accounts and individuals exploiting virtual cryptocurrency platforms to manipulate the value of the Nigerian currency and launder the proceeds of illegal activities. To ensure the preservation of funds during the investigation and potential prosecution, the judge deemed it necessary to freeze the identified bank accounts.

Justice Nwite scheduled the next hearing for July 23, 2024. Among the affected entities are companies engaged in agro-businesses, logistics, haulage, microfinance banking, and engineering, among others.