A Federal High Court in Abuja stated that it granted EFCC powers to freeze 24 bank accounts because the bank accounts were subject to EFCC’s investigations on money laundering an terrorism financing. The ruling was made by Justice Emeka Nwite after EFCC’s lawyer, Martha Babatunde, presented an ex-parte motion seeking this action. The accounts, belonging to Lawrence Lucky Eromosele, are under investigation for connections to money laundering and terrorism financing, with the freeze set to last 90 days pending further investigation.
The motion, marked as FHC/ABJ/CS/1897/V/2024, was filed by Senior Advocate of Nigeria, Ekele Iheanacho. Iheanacho emphasized the need to freeze these accounts to preserve funds that are potentially linked to unlawful activities. According to preliminary investigations, the accounts are associated with individuals exploiting virtual cryptocurrency exchange platforms to manipulate the value of the naira and launder proceeds from criminal activities.
Mohammed Khalil, an investigator with the EFCC’s Special Investigation Team attached to the Office of the National Security Adviser (ONSA), provided an affidavit supporting the motion. Khalil revealed that National Security Adviser (NSA) Nuhu Ribadu had directed the team to investigate a syndicate posing a significant threat to the lives of senior NSA operatives by demanding ransom payments. This directive led the team to conduct surveillance and request bank instruments to trace the syndicate’s activities.
The investigation identified Lawrence Lucky Eromosele as a key figure in the criminal activities. The perpetrators had directly threatened the lives and families of NSA operatives, providing detailed information about their home addresses, family locations, and movements. These threats were accompanied by demands for monetary payments to ensure the safety of the operatives and their families.
Khalil noted that an unknown individual contacted one of the operatives, demanding money in exchange for their freedom and that of their family members. He presented a printout of a chat between the perpetrator and the operative as Exhibit EFCC 1. Additionally, the team identified several bank accounts linked to the individuals making these threats, and further intelligence suggested that proceeds from crimes and funds for terrorist activities were being covertly exchanged through these platforms. Bank statements of one of the suspects were submitted as Exhibit EFCC 2.
In her court appearance, Babatunde emphasized the necessity of freezing the accounts to facilitate ongoing investigations. She assured the court that the investigation would be concluded within 90 days. Justice Nwite granted the EFCC’s request and scheduled the next hearing for March 24, 2025, for further mention of the case.
This ruling represents a significant step in the fight against terrorism financing and money laundering in Nigeria. The EFCC’s action to freeze the accounts underscores the government's commitment to disrupting the financial networks that support criminal activities. The investigation into these accounts is part of a broader effort to enhance national security and hold accountable those who threaten public safety through illicit financial transactions.
The EFCC's move to freeze the bank accounts is based on comprehensive surveillance and intelligence-gathering efforts. The involvement of high-level government officials and the use of advanced investigative techniques highlight the seriousness of the threat posed by the syndicate. The decision to publicize the court's ruling and the ongoing investigation aims to reassure the public of the government's dedication to maintaining law and order and protecting its citizens from terrorism and related crimes.
Furthermore, this case underscores the challenges faced by financial regulators in tracking and intercepting funds used for illegal purposes. The use of cryptocurrency exchange platforms by criminals to launder money and fund terrorist activities presents a complex problem for law enforcement agencies worldwide. The EFCC's proactive measures in freezing the accounts demonstrate the importance of collaboration between various government agencies and the need for continuous improvement in investigative techniques and legal frameworks.
The court's decision to grant the EFCC a 90-day period to complete its investigation provides a critical window for gathering additional evidence and preparing for potential prosecutions. During this period, the EFCC will likely intensify its efforts to trace the flow of funds and identify all individuals involved in the syndicate. The ultimate goal is to dismantle the network, recover illicit funds, and bring the perpetrators to justice.
As the investigation progresses, it is crucial for the EFCC to maintain transparency and provide regular updates to the public. This approach will help build trust in the agency's capabilities and reinforce the message that no one is above the law. The involvement of the judiciary in granting the freeze order also highlights the importance of an independent and impartial legal system in upholding justice and ensuring accountability.
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