Court Freezes 21 Bank Accounts Over Alleged Money Laundering

A Federal High Court in Abuja has temporarily frozen 21 bank accounts linked to suspected money laundering activities. Justice Emeka Nwite issued the directive on Friday following a motion ex-parte filed by the Inspector-General of Police’s counsel, Ibrahim Mohammed. The court also ordered the arrest of account holders and restricted withdrawals while allowing inflows to facilitate ongoing investigations.

The accounts, hosted by 13 commercial banks including Zenith Bank, Access Bank, and Fidelity Bank, are alleged to have been used to channel proceeds of unlawful activities. Justice Nwite, granting the order, emphasized that the investigation must be concluded within 90 days. The banks have been directed to disable ATMs linked to the accounts and provide detailed account information to aid the investigation.

The police allege that the accounts were part of a scheme involving fraudulent transactions related to contracts with the Nigerian Navy. According to a detective’s affidavit, the suspects allegedly diverted funds from a joint account meant for executing a contract to supply ICT equipment, wooden canoes, and firefighting gear.

The affidavit detailed that the petitioner and the suspect initially signed a Memorandum of Understanding for profit-sharing. However, a dispute arose after the petitioner rejected the suspect’s attempt to alter the agreement terms. The suspect allegedly removed the petitioner as a signatory to the joint account, transferring funds to personal accounts to mask their origins.

Preliminary findings revealed that the suspect transferred funds between accounts under the guise of legitimate transactions. Intelligence reports indicated that the suspects were planning further withdrawals, prompting the urgent court order to secure the funds and preserve evidence.