Image representation of the law

By Segun Adeyanju

A Federal High Court in Abuja has ordered the interim freezing of 21 bank accounts across multiple commercial banks over allegations of money laundering.

Presiding Judge Emeka Nwite also directed the police to arrest the account holders.

The order was granted on Friday following an ex parte motion (FHC/ABJ/CS/1965/V/2024), filed by Ibrahim Mohammed, counsel for the Inspector-General of Police (IGP).

The judge instructed banks to impose a post-no-debit restriction on the accounts, disable ATM transactions, but allow inflows pending the conclusion of investigations.

“Having reviewed the evidence presented, I find merit in the application,” Nwite stated, granting the order for an initial 90-day period. The case was adjourned to April 3 for mention.

The affected banks include Access Bank, Sterling Bank, Wema Bank, Fidelity Bank, Zenith Bank, Union Bank, GTBank, UBA, Stanbic IBTC, First Monument Bank, Heritage Bank, TAJ Bank, and Keystone Bank.

According to the police, the accounts are suspected to be holding proceeds of unlawful activities. Investigations stemmed from a petition involving allegations of stealing and breach of trust in a contract with the Nigerian Navy.

A dispute over profit-sharing in a joint venture allegedly led one party to unilaterally remove the other as a signatory to their joint account, triggering the legal action.

Detective Glory Ohio, in an affidavit, alleged that funds meant for contract execution were illegally transferred to various accounts to conceal their origin, a tactic consistent with money laundering.

The police warned that without the freeze, the suspects could dissipate the funds, obstructing investigations.