EFCC Secures Order to Freeze Account Over 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 an alleged N1.065 billion fraud involving Renmoney Microfinance Bank Limited.

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 in suit number FHC/LAG/MISC/1392/2026.

The commission is investigating allegations of conspiracy and stealing arising from reported unauthorised electronic transfers of N1,065,500,000 from Renmoney Microfinance Bank.

In addition to the account-freezing order, the EFCC sought the court’s authorisation to place six Bank Verification Numbers (BVNs) on a watchlist pending the conclusion of investigations or possible prosecution.

The application was filed pursuant to 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.

Moving the application, EFCC prosecuting counsel, Z.B. Atiku, told the court that it was supported by an affidavit sworn to by Gbolahan Olabayo Dada, an investigating officer attached to the commission’s Bank Fraud Section.

According to the affidavit, Dada was assigned to investigate a petition submitted by Blackwood Law on behalf of Renmoney Microfinance Bank Limited against Yili Fu Liang Trading Co. Ltd over allegations of stealing.

The commission reportedly received the petition on September 21, 2026, following an alleged electronic banking incident on September 18, 2026.

The petitioner alleged that unauthorised transfers were carried out through the bank’s application environment between approximately 4:52 p.m. and 8:00 p.m. on the day of the incident.

Twelve suspicious transactions were reportedly identified during the period, with the bank’s preliminary review putting its financial exposure at N1.065 billion.

The investigating officer further stated that preliminary findings indicated that the funds were transferred to beneficiary accounts bearing the name Yili Fu Liang Trading Co. Ltd, linked to a Kora Payment Network collection account domiciled with a new-generation bank.

Investigators also reportedly identified nine tranches of inflows, totalling N1,065,500,000, into the collection account on September 18.

According to the affidavit, preliminary investigations suggested that the beneficiary account holders did not have corresponding funds in their accounts before the alleged incident.

The EFCC said preserving the funds was necessary to prevent their possible dissipation while investigations continued.

On the six BVNs listed in the application, Dada stated that preliminary checks on the BVN portal and account-opening documents allegedly linked their holders to Yili Fu Liang Trading Co. Ltd.

He further alleged that the individuals behind the company were Nigerian nationals operating under the umbrella of a Chinese company and would need to be brought in for questioning as part of the investigation.

The commission maintained that freezing the account and placing the BVNs on a watchlist would help safeguard the suspected proceeds and support ongoing investigations into the allegations of stealing and money laundering.

The allegations remain subject to investigation and judicial determination.