FX probe: EFCC lifts restrictions on over 1,000 accounts, 16 still under investigation

The Economic and Financial Crimes Commission has cleared more than 1,000 bank accounts earlier flagged over alleged foreign exchange infractions, while investigations continue on only 16 accounts.

This was disclosed in a statement issued by the Federal High Court Abuja and made available to Vanguard following a judgment delivered by Justice Emeka Nwite.

According to the statement, the investigation initially involved 1,146 accounts linked to individuals and companies operating in Nigeria.

After the review process, over 1,000 accounts were cleared, while 22 accounts were identified for further analysis. However, six more accounts were subsequently discharged, leaving 16 accounts under active investigation.

The case, filed under suit number FHC/ABJ/CS/543/2024, was initiated to uncover and correct systemic foreign exchange irregularities within the financial system.

As part of the resolution, all “Post No Debit” (PND) directives and related restrictions imposed on the cleared accounts have now been removed, enabling affected individuals and businesses to regain access to the banking system and continue their operations.

The statement emphasized the importance of regulators being able to separate illegal market activities from legitimate business transactions in the complex foreign exchange environment.

It noted that the EFCC’s decision to clear the majority of the accounts would help prevent unnecessary disruption to genuine businesses and also strengthen investor confidence in Nigeria’s financial system.

Among the accounts cleared were those linked to Akitoye Adeyemi Ayomide, Clyp Trading Ltd, Clyp Consulting Ltd, Toyetech Platforms Ltd and David George Ajala.

Others included Winx International Platforms Ltd, Shutterscore Trading Platforms Ltd, Tradecillion Trading Ltd and Akingbade Juwon.

The statement further described the development as evidence of a maturing regulatory system where strict oversight is balanced with the protection of lawful business interests.

It added that although investigations into the remaining accounts are ongoing, the clearing of over 1,000 accounts provides clarity and relief for businesses affected by the probe while reinforcing the principle of due process in Nigeria’s financial sector.

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