EFCC clears more than 1,000 bank accounts and narrows investigations to 16 cases.

By Peter Egwuatu

The Economic and Financial Crimes Commission (EFCC) has finished an inquiry into an original list of 1,146 bank accounts belonging to individuals and companies operating in Nigeria that were flagged for alleged foreign‑exchange (FX) violations.

A Federal High Court Abuja statement, obtained by Vanguard, records that Justice Emeka Nwite delivered a judgment after the initial probe. More than 1,000 accounts were cleared, and a revised list of 22 accounts requiring further analysis was released.

Subsequently, six additional accounts were discharged, reducing the number of accounts under ongoing investigation to 16.

The legal proceedings, filed under suit number FHC/ABJ/CS/543/2024, were launched to identify and correct systemic FX irregularities.

Following the resolution, all “Post No Debit” (PND) orders and related restrictive measures were removed from the cleared accounts, enabling hundreds of individuals and corporate entities to re‑enter the formal banking system and resume their economic activities.

In the intricate arena of foreign exchange, a regulator’s ability to separate illicit manipulation from legitimate commercial transactions is crucial. By reaching this outcome, the EFCC is safeguarding legitimate economic participants from prolonged operational disruptions and signalling to both local and international investors that Nigeria remains a secure environment for transparent commerce.

The Federal High Court Abuja statement lists several of the cleared accounts, including: Akitoye Adeyemi Ayomide (GTBank account 0165110025); Clyp Trading Ltd (Titan Trust Bank account 0000331101); Clyp Consulting Ltd (Providus account 9401374554); Toyetech Platforms Ltd (Titan Trust Bank account 0000134962); and David George Ajala (Fidelity Bank account 5090680780).

Other cleared accounts are: Winx International Platforms Ltd (Titan Trust Bank account 0000135055); Shutterscore Trading Platforms Ltd (Access Bank account 1532363954); Tradecillion Trading Ltd (Stanbic IBTC account 0045672922); and Akingbade Juwon (ECOBank account 3442053006).

This development reflects a maturing regulatory environment where thorough oversight is balanced with the protection of legitimate business interests. While the EFCC continues to examine the remaining 22 accounts, the mass clearance of over 1,000 accounts provides significant clarity and relief to the Nigerian private sector, reinforcing the principle of due process within the nation’s financial system.

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