Court Order EFCC To Freeze Student’s Account Over Suspicious Transactions

A Federal High Court in Abuja has given the Economic and Financial Crimes Commission a 40-day leave to freeze two accounts owned by Damilare Olayemi, a Nigerian student in the Diaspora, over suspicious transactions observed by the Nigeria Financial Intelligence Unit.

The value of the transactions in question are $133,955 and $40,000 – both of which amount to N66.22m.

According to the News Agency of Nigeria, the transactions were made between May and June 2018.
Counsel to the EFCC, Richard Dauda, had asked Justice Taiwo for an order to freeze the account for six months to be able to repatriate Lucy Atubo, the alleged person, who made the deposits.

He said, “The investigation revealed that the suspect in the case under investigation is a student who was involved in suspicious transactions between May 11, 2018, and June 6, 2018, amounting to $133,955 and ‎£40,000.

“The suspect still had substantial amount of funds in his Access Bank account and the Guaranty Trust Bank account which have not been touched.”

In his ruling, the judge said a six month leave was too long and the EFCC had the option of extending the order if it needed more time to continue its investigation.

He asked EFCC to give the suspect a 14-day freezing notice through his bank.


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