N1.06BN FRAUD ALLEGED: EFCC obtained court order to freeze suspect’s account

The Economic and Financial Crimes Commission (EFCC) Lagos Zonal Directorate 1, Ikoyi, has obtained a court order to freeze the accounts belonging to Yili Fu Liang Trading Co. Ltd on charges of conspiracy and theft.

The account is allegedly linked to the transfer of N1,065,500,000 from Renmoney Microfinance Bank following a reported electronic banking incident.

Justice Yelim Bogoro of the Federal High Court, Lagos, granted the order on Friday, October 16, 2026, following an ex parte application by the EFCC in the suit marked FHC/LAG/MISC/1392/2026.

The Commission through its attorney, ZB Atiku, also sought an order to include the six Bank Verification Numbers (BVNs) on the watch list pending completion of investigations or possible prosecution.

The application was filed in accordance with Article 44(2)(k) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), Articles 26 and 28 of the EFCC Act, and the inherent jurisdiction of the court.

ALSO READ: TARABA: 15 people who fled from bandits drowned, while the death toll from the attack reached 58 people

Specifically, the EFCC seeks an order authorizing it to direct the administrators of the accounts listed in Schedule A of the application to freeze those accounts pending the conclusion of the investigation or possible prosecution.

The account named Yili Fu Liang is reportedly linked to the Kora Payment Network billing account number which is domiciled at the new generation bank as a virtual account.

The Commission also requested an order to place six BVN numbers on a watch list pending the conclusion of the investigation or possible prosecution:

While moving the application, Atiku told the court that the application was supported by an affidavit quashed by Gbolahan Olabayo Dada, investigating officer at the Commission.

According to the affidavit, Dada was assigned to the Bank Fraud Section and tasked with investigating a petition filed by Blackwood Law on behalf of Renmoney Microfinance Bank Limited against Yili Fu Liang Trading Co. Ltd on charges of theft.

The affidavit states that the Commission received the application on September 21, 2026, following an alleged incident on September 18, 2026, involving an unauthorized electronic transfer of N1,065,500,000 through the bank’s application environment.

The applicant alleged that the suspicious transactions took place between about 4:52pm and 8pm, with 12 transactions identified during the period and the total financial exposure estimated at N1.065 billion.

The affidavit further states that the amounts represent financial exposures identified during the bank’s initial review of its systems.

According to the investigating officer, initial findings showed that the funds were transferred to the recipient’s account in the name of Yili Fu Liang Trading Co. Ltd, which is connected to the Kora Payment Network billing account.

The affidavit added that investigators identified nine tranches of inflow, totaling N1,065,500,000, into the collection account on September 18, 2026.

Dada further stated that initial investigations indicated that the account holders did not have the relevant funds in their accounts prior to the alleged incident, making it necessary to secure those funds pending further investigation and possible prosecution.

Regarding the BVN listed in the application, the investigating officer stated that an initial examination of the BVN portal and account opening documents allegedly linked the holder to Yili Fu Liang Trading Co.

He further alleged that the people behind the company were Nigerian nationals operating under the umbrella of a Chinese company, adding that they needed to be brought in for questioning as part of the ongoing investigation.

The affidavit states that the application is necessary to preserve funds and prevent possible waste while the investigation into alleged theft and money laundering continues.

After listening to input from the EFCC’s legal counsel, Judge Bogoro granted the relief requested by the Commission.

The court then adjourned the case until January 19, 2027, for an investigation report.