Nigerian Court Unfreezes N89 Million in Bank Accounts Linked to Illegal Crypto Activities
The Federal High Court in Abuja recently made a decision that has an impact on six bank accounts previously under investigation for involvement in cryptocurrency exchanges that were deemed harmful to Nigeria’s financial system. Justice Emeka Nwite lifted the freezing order on these accounts, totaling N89,484,694.01, after the Economic and Financial Crimes Commission (EFCC) found no connection to unlawful activities.
The EFCC had previously secured an order in September 2024 to freeze N548.6 million in accounts of suspected crypto users on platforms like ByBit and KuCoin, blaming them for affecting the naira’s value. However, the recent investigation revealed that the funds in these accounts were not part of any illegal activities, leading to the decision to unfreeze them.
During the court proceedings, EFCC counsel Ekele Iheanacho presented an affidavit requesting the removal of the freezing order on the identified accounts, which Justice Nwite granted. This outcome highlights the importance of thorough investigations in determining the legality of financial transactions.
It’s crucial to ensure that financial activities are conducted within the bounds of the law to maintain the integrity of the financial system. The efforts to investigate and resolve these issues help to uphold the standards of transparency and accountability in financial dealings.
