EFCC
Alleged ₦1.06bn Fraud: EFCC Secures Court Order to Freeze Suspect’s Account
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, Ikoyi, has secured a court order to freeze an account belonging to Yili Fu Liang Trading Co. Ltd over allegations of conspiracy and stealing.
The account is allegedly linked to the transfer of ₦1,065,500,000 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 a suit marked FHC/LAG/MISC/1392/2026.
The Commission, through its prosecuting counsel, Z.B. Atiku, also sought an order placing six Bank Verification Numbers (BVNs) on a watchlist pending the conclusion of investigations or possible prosecution.
The application was brought pursuant to Section 44(2)(k) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), Sections 26 and 28 of the EFCC Act, and the inherent jurisdiction of the court.
Specifically, the EFCC sought an order authorising it to direct the manager of the account listed in Schedule A of the application to freeze the account pending the conclusion of investigations or possible prosecution.
The account, bearing the name Yili Fu Liang, is reportedly linked to a Kora Payment Network collection account domiciled with a new-generation bank as a virtual account.
The Commission also sought an order placing six BVNs on a watchlist pending the conclusion of investigations or possible prosecution.
Moving the application, Atiku informed the court that it was supported by an affidavit deposed to by Gbolahan Olabayo Dada, an investigating officer with the Commission.
According to the affidavit, Dada is attached to the Bank Fraud Section and 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 affidavit stated that the Commission received the petition on September 21, 2026, following an alleged incident on September 18, 2026, involving unauthorised electronic transfers of ₦1,065,500,000 through the bank’s application environment.
The petitioner alleged that the suspicious transactions occurred between approximately 4:52 p.m. and 8:00 p.m., with 12 transactions identified during the period and the total financial exposure estimated at ₦1.065 billion.
The affidavit further stated that the amount represented the financial exposure identified during the bank’s preliminary review of its systems.
According to the investigating officer, preliminary findings indicated that the funds were transferred to beneficiary accounts bearing the name Yili Fu Liang Trading Co. Ltd, linked to the Kora Payment Network collection account.
The affidavit added that investigators identified nine tranches of inflows totalling ₦1,065,500,000 into the collection account on September 18, 2026.
Dada further stated that preliminary investigations suggested that the account holders did not have corresponding funds in their accounts before the alleged incident, making it necessary to secure the funds pending further investigation and possible prosecution.
Regarding the BVNs listed in the application, the investigating officer 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, adding that they needed to be brought in for questioning as part of the ongoing investigation.
The affidavit maintained that the application was necessary to preserve the funds and prevent their possible dissipation while investigations into the alleged stealing and money laundering continued.
After listening to the submissions of the EFCC’s counsel, Justice Bogoro granted the reliefs sought by the Commission.
The court subsequently adjourned the matter until January 19, 2027, for a report on the investigation.
EFCC
FBI Commends Olukoyede, EFCC for Support in Tackling Sextortion, Cybercrime
The Federal Bureau of Investigation (FBI) has commended the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, and the Commission for their efforts and vital role in Operation Artemis, a joint international effort to disrupt financially motivated sextortion networks targeting minors.
The commendation was conveyed in a letter signed by FBI Director Kash Patel, who praised the Commission for its collaboration with the Bureau in the arrest and extradition of suspects facing federal charges in the United States.
In the letter addressed to Olukoyede, Patel acknowledged the Commission’s contribution to the operation, stating that “the Economic and Financial Crimes Commission, EFCC, has played a vital role in Operation Artemis, a joint effort focused on disrupting financially motivated sextortion rings targeting juveniles.”
He said that, under Olukoyede’s leadership, the EFCC designated personnel to support the investigations and facilitate the transfer of suspects from Nigeria to face prosecution in the United States.
Specifically, the FBI Director commended the EFCC for apprehending Adebola Festus Adekunle and Mudashiru Afeez Olawale, who were indicted in the United States in 2023 over allegations relating to the sexual exploitation and extortion of minors.
The two suspects were extradited to the United States in August 2026, with the EFCC facilitating the process following investigations and extradition proceedings. They are facing federal charges relating to sexual exploitation in cases involving the deaths of minors.
Patel noted that the successful outcome of the cases would not have been possible without the EFCC’s assistance and commitment to international law enforcement cooperation.
“The successful outcome of these cases would not have been possible without your assistance and dedication to international law enforcement collaboration,” he said.
The FBI Director further expressed appreciation to Olukoyede and the Commission for their commitment to justice and continued cooperation, while expressing optimism about strengthening the partnership between both agencies.
“Please accept my sincere appreciation for your commitment to justice and steadfast cooperation. I look forward to the continued partnership with the EFCC,” he stated in the letter.
The extradition of Adekunle and Olawale followed FBI investigations into separate sextortion schemes targeting male minors in the United States. The investigations linked the alleged activities to two teenage victims who died by suicide after being subjected to online sexual exploitation and extortion.
EFCC
EFCC Photo News
The Japanese Ambassador-Designate to Nigeria, His Excellency, Hideo Suzuki Paid a Courtesy Visit to the Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede in his office today, October 28, 2026. He was accompanied on the visit by First Secretary, Security, Yuji Murakami and Senior Information Analyst, Dogara Ankut.


EFCC
₦2.7bn Fraud: Court Jails Former Banker for 39 Years
Justice O. O. Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos, on Tuesday, October 27, 2026, sentenced a former banker, Christopher Jackson Edeh, to a total of 39 years’ imprisonment for his involvement in a ₦2.7 billion fraud prosecuted by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
Edeh, who was arraigned on February 28, 2024, faced nine counts bordering on fraudulent false accounting and unauthorised access to a computer system.
The charges alleged that he altered the bank account details of several customers and government-related entities, including the Kano State Government Power Intervention Fund, NNPC Trading Limited, Stallion Vision Ltd, the Lagos State Government Blue Line, the State Contributory Pension Account and Chukwuemeka Odumegwu Ojukwu University, with intent to defraud.
During the trial, prosecuting counsel, Z. B. Atiku, called three witnesses and tendered several documents in evidence to establish the case against the defendant. The defence, in turn, called one witness.
In her judgment, Justice Abike-Fadipe held that the prosecution had proved its case beyond reasonable doubt and consequently convicted Edeh on all nine counts.
The court sentenced him to five years’ imprisonment without an option of fine on each of counts one to seven, bordering on fraudulent false accounting, and two years’ imprisonment without an option of fine on each of counts eight and nine, relating to unauthorised access to a computer system with intent to facilitate the commission of crimes.
The court ordered that all the sentences run concurrently.
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