The Economic and Financial Crimes Commission (EFCC) has concluded preliminary investigations into 1,146 bank accounts flagged over alleged foreign exchange infractions, clearing the vast majority after what it described as a detailed review of financial activities.
According to a statement from the Federal High Court in Abuja, made available to Vanguard, Justice Emeka Nwite delivered a ruling noting that over 1,000 accounts initially placed under restriction have now been fully exonerated.
The court also confirmed that an updated list of 22 accounts requires further examination, while six additional accounts have since been cleared, leaving 16 accounts still under active investigation.
The case, filed under suit number FHC/ABJ/CS/543/2024, was originally instituted to address suspected systemic violations in foreign exchange transactions and to enforce compliance within Nigeria’s financial system.
Following the review, all “Post No Debit” (PND) restrictions earlier placed on the cleared accounts have been lifted. This means affected individuals and companies can now fully access their funds and resume normal banking operations.
Among the accounts discharged are those belonging to individuals and firms such as Akitoye Adeyemi Ayomide (GTBank), Clyp Trading Ltd (Titan Trust Bank), Clyp Consulting Ltd (Providus Bank), Toyetech Platforms Ltd (Titan Trust Bank), and David George Ajala (Fidelity Bank), among others.
The court document also listed additional cleared entities including Winx International Platforms Ltd, Shutterscore Trading Platforms Ltd, Tradecillion Trading Ltd, and Akingbade Juwon.
The EFCC’s action reflects what officials describe as a broader effort to separate legitimate business transactions from suspected illicit foreign exchange activity, while avoiding unnecessary disruption to lawful economic operations.
With the majority of accounts now cleared, attention has shifted to the remaining 16 accounts still under review. The EFCC is expected to complete its analysis before taking further enforcement steps.
Observers say the development underscores a growing emphasis on due process in financial investigations, balancing regulatory enforcement with the need to protect genuine businesses and maintain confidence in Nigeria’s banking system.
