EFCC Secures Order to Freeze Account Linked to Alleged N1.06bn Renmoney Fraud
The Economic and Financial Crimes Commission (EFCC) has secured a Federal High Court order to freeze an account belonging to Yili Fu Liang Trading Co. Ltd over allegations of conspiracy and stealing involving N1.065 billion transferred from Renmoney Microfinance Bank.
Justice Yelim Bogoro of the Federal High Court in Lagos granted the order on Friday, October 16, 2026, following an ex parte application by the EFCC’s Lagos Zonal Directorate 1, Ikoyi.
The suit, marked FHC/LAG/MISC/1392/2026, arose from a petition submitted by Blackwood Law on behalf of Renmoney Microfinance Bank Limited over alleged unauthorised electronic transfers from the bank.
According to an affidavit filed in support of the application, the EFCC received the petition on September 21, 2026, following an alleged electronic banking incident on September 18, 2026.
The investigating officer, Gbolahan Olabayo Dada, who is attached to the Commission’s Bank Fraud Section, said preliminary findings indicated that 12 suspicious transactions occurred between approximately 4:52 p.m. and 8:00 p.m. on the day of the incident.
The transactions reportedly resulted in a financial exposure of N1,065,500,000, according to the bank’s preliminary review of its systems.
The affidavit further stated that investigators traced the funds to beneficiary accounts bearing the name Yili Fu Liang Trading Co. Ltd, linked to a collection account operated through Kora Payment Network.
Investigators also identified nine tranches of inflows totalling N1.065 billion into the collection account on September 18, 2026.
Dada told the court that preliminary investigations suggested the account holders did not have corresponding funds in their accounts before the alleged incident.
He said freezing the account was necessary to preserve the funds and prevent their possible dissipation while investigations continued.
The EFCC also requested an order placing six Bank Verification Numbers (BVNs) on a watchlist pending the conclusion of investigations or possible prosecution.
According to the affidavit, preliminary checks on the BVN portal and account-opening documents allegedly linked the BVN holders to Yili Fu Liang Trading Co. Ltd.
The investigating officer further alleged that the individuals behind the company were Nigerian nationals operating under the umbrella of a Chinese company. He said they needed to be brought in for questioning as part of the ongoing investigation.
The EFCC’s prosecuting counsel, Z.B. Atiku, argued the application, which was supported by the affidavit of the investigating officer.
The Commission relied on Section 44(2)(k) of the 1999 Constitution, as amended, Sections 26 and 28 of the EFCC Act, and the inherent jurisdiction of the court.
After listening to the EFCC’s submissions, Justice Bogoro granted the reliefs sought by the Commission.
The court adjourned the matter until January 19, 2027, for a report on the investigation.
The allegations remain subject to investigation and judicial determination.
