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Court grants EFCC order to freeze 1,146 accounts over ‘unauthorised foreign exchange’ transactions

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A federal high court in Abuja has granted an interim order to the Economic and Financial Crimes Commission (EFCC) to freeze at least 1,146 bank accounts belonging to individuals and companies over “unauthorised foreign exchange” transactions.

The commission is also investigating the individuals for “money laundering and terrorism financing”.

 

Emeka Nwite, the presiding judge, granted the order while ruling on an ex-parte motion moved by Ekele Iheanacho, counsel to the EFCC.

 

The court also ordered the commission to conclude the investigation within 90 days.

 

“That an order of this honourable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorised dealing in foreign exchange, money laundering and terrorism financing to the extent that the investigation will be for a period of 90 (Ninety) days,” the judge ruled.

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NAN reports that though the ruling was delivered on April 24, the certified true copy was seen on Monday.

 

The motion by the anti-graft agency was brought under section 44 (2) and (K) of the 1999 Constitution; section 34 of the EFCC Establishment Act 2004; section 7(8) of the Money Laundering Prevention and Prohibition Act 2022 and under the inherent jurisdiction of the court.

 

The commission said, “the bank accounts in respect of which the reliefs are sought are subject matters of investigation by the EFCC in relation to money laundering and terrorism financing”.

 

“That preliminary investigation conducted thus far reveals that the bank accounts are linked to persons who take advantage of the virtual cryptocurrency exchange platforms to illegally manipulate the value of Naira and launder proceeds of unlawful activities,” the agency added in the motion filed before the court.

 

“That there is a need to preserve the funds in the identified bank accounts pending the conclusion of the investigation and possible prosecution.”

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Nwite consequently adjourned the matter until July 23 for mention.

 

Some of the account names mentioned in the attached schedule are Akitoye Adeyemi Ayomide with GTBank account number: 0165110025; Clyp Trading Ltd, Titan Trust Bank account number: 0000331101; Clyp Consulting Ltd, Providous account number: 9401374554; and Toyetech Platforms Ltd, Titan Trust Bank account number: 0000134962.

 

Others are Winx International Platforms Ltd, Titan Trust Bank account number: 0000135055; Shutterscore Trading Platforms Ltd, Access Bank account number: 1532363954; Tradecillion Trading Ltd, Stanbic IBTC account number: 0045672922; and Nsofor Nmamdi, GTBank account number: 0449088666

 

Kora Payments Network Ltd-Operations, UBA account number: 1022242089; Renderstack Technologies Ltd, Zenith Bank account number: 1210355120; Korex Payments Ltd, Globus account number: 5000007837; and Awe Microfinance Bank Ltd, Providous account number: 5400760781; and Victor Asuquo, Opay Digital Services Ltd account number: 9020132068.

 

Others are Akingbade Sabit Juwon, ECONANK account number: 3442053006; Nsofor Nnamdi, Union Bank account number: 0140460572; Asuquo Samuel, First Bank account number: 3153199542; Oty Ugochukwu Stanley, FCMB account number: 4039304011; Oty & Sons Global Concepts, Fidelity Bank account number: 6060410145; and Pelumi Ayandoye, Wema Bank account number: 0234852277; and David Ajala, Fidelity Bank account number: 5090680780, among others.

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Some youths trading crypto unaware they’re being used to fund terrorism – Olukoyede

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Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), says some youths who trade in cryptocurrencies do not know that they are being used to fund terrorism in Nigeria.

 

Olukoyede spoke on Wednesday during a multi-stakeholders’ national dialogue on preventing terrorism financing and violent extremism.

 

The EFCC chair said some of the people who receive money to trade in cryptocurrencies do not know that their financiers are sponsors of terrorism.

 

He added that some of the 1,146 bank accounts recently frozen by the anti-graft agency were conduits for terrorism funding.

 

“Some of you are aware of our activities in the area of investigating virtual currency trading and the likes of cryptocurrencies,” he said.

 

“They are potential platforms to fund terrorism. A lot of us don’t understand that. Some of our discoveries during investigation of some of these platforms were mind boggling.

 

“We thought Binance was a major one. Yes, it was. We are prosecuting them. But there are other platforms we have discovered.

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“They used some of these young men. Some of them don’t know that the people who gave them money to trade are people who fund terrorism.”

 

The EFCC boss said there is a need to adopt technology in tracking money used to fund terrorism in the country.

 

Olukoyede narrated how he was informed by a friend in the US Federal Bureau of Investigation (FBI) that dollar bills across the world can be tracked with technology.

 

“It is important for us to adopt the use of technology,” he said.

 

“I was comparing notes with an assistant director in the FBI — a friend of mine. He said: ‘My brother, from our systems in the US, we can track every printed dollar anywhere in the world’.”

 

The EFCC boss added that Nigeria must get to that stage where technology can be deployed to track naira notes used for terrorism financing.

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Emirates to resume Lagos-Dubai flights October 1

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Emirates Airlines says it will resume services to Nigeria from October 1, 2024, operating a daily service between Lagos and Dubai.

 

In a statement on Thursday, the airline, with its hub in the United Arab Emirates (UAE), said flight services will be operated using a Boeing 777-300ER.

 

Emirates’ Deputy President and Chief Commercial Officer, Adnan Kazim, said, “We are excited to resume our services to Nigeria. The Lagos-Dubai service has traditionally been popular with customers in Nigeria and we hope to reconnect leisure and business travellers to Dubai and onwards to our network of over 140 destinations.

 

“We thank the Nigerian government for their partnership and support in re-establishing this route and we look forward to welcoming passengers back onboard.”

 

Emirates Airlines had suspended its Dubai-Lagos flights in 2022 over its inability to repatriate trapped funds in Nigeria in the heat of the diplomatic row between the two countries.

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Nigeria and the UAE have a long history of restriction of flights between both countries based on certain unresolved issues surrounding the Bilateral Air Services Agreement (BASA). Visa restrictions later surfaced as diplomatic fireworks continue between Nigeria and the UAE, which is a top destination for Nigerian migrants and tourists.

 

In September 2023, President Bola Tinubu met with UAE President, Mohamed bin Zayed Al Nahyan, in Abu Dhabi, to smoothen the rough edges in the diplomatic relations between the two countries.

 

Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, recently said Emirates Airlines has indicated a definite date to resume flight operations to Nigerian airports.

 

However, the UAE has not officially announced its latest decision on visa ban imposed on Nigerian travellers.

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You can’t stop wedding of 100 girls, ex-Niger commissioner tells minister

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Jonathan Vatsa, a former commissioner for information and culture in Niger state, says the proposed wedding of 100 girls in the state will go on despite public outcry.

 

Abdulmalik Sarkindaji, the speaker of the Niger state house of assembly, had dissociated himself from the wedding after Uju Kennedy-Ohanenye, minister of women affairs, threatened to sue him.

 

The minister said the development was unacceptable, arguing that the girls should be in school or learning vocational skills.

 

Sarkindaji, who had provided financial support and was billed to host the event on May 24, withdrew his involvement.

 

The speaker said it was at the discretion of the girls’ parents and traditional leaders to proceed as they deemed fit.

 

Addressing journalists on Wednesday, Vatsa, a chieftain of the All Progressive Congress (APC), advised Kennedy-Ohanenye not to go into “issues that she knows nothing about”.

 

He said the minister knew nothing about the situation of the girls and should have done due diligence before issuing threats.

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“No amount of threat of court action can stop these parents from giving out their daughters in marriage after receiving the necessary supports,” Vatsa said.

 

“The minister should have done her investigation first to know if these girls have attained the age of marriage by law or if they were being forced into marriage before going to the air to threaten the speaker, who is merely offering assistance.

“You cannot just sit in an air-conditioned office in Abuja and be threatening people without knowing what these orphans are going through after losing their parents to insecurity and those whose parents cannot afford their marriage expenses even though they have attained the age for marriage.

 

“Does the minister have any plans for people whom she has never seen or known about their plight, or is she trying to encourage prostitution in the area?

 

“You don’t play politics by interfering with the people’s culture and tradition; more so that these girls have suitors who want to marry them.

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“I am sure the speaker, being a trained lawyer, is not afraid of going to court. The speaker is not giving the girls out in marriage but just rendering support to the families, and there is no law in Nigeria that forbids someone from giving assistance towards marriage. That is why I said the minister is fighting a lost battle.”

 

Vatsa said banditry activities across 12 LGAs of the state have produced over 5,000 orphans, widows, and widowers.

 

He urged the minister to visit Niger and “see the sufferings of these orphans, the majority of whom are girls.”.

 

He urged Sarkindaji not to succumb to any threat, as “the people will feel disappointed if you withdraw your support for them”.

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