The Economic and Financial Crimes Commission (EFCC) has secured a Federal High Court order to freeze an account belonging to Yili Fu Liang Trading Co. Ltd over an alleged N1.065 billion fraud involving Renmoney Microfinance Bank.
The order, granted by Justice Yelim Bogoro of the Federal High Court in Lagos on October 16, 2026, followed an ex parte application filed by the EFCC amid ongoing investigations into alleged conspiracy, stealing and money laundering.
The commission is also seeking to place six Bank Verification Numbers (BVNs) on a watchlist pending the conclusion of investigations and possible prosecution.
According to an EFCC statement issued on Thursday by its Head of Media and Publicity, Dele Oyewale, the application was filed under suit number FHC/LAG/MISC/1392/2026.
The commission, through its prosecuting counsel, Z.B. Atiku, brought the application pursuant to Section 44(2)(k) of the 1999 Constitution, as amended, Sections 26 and 28 of the EFCC Act, and the inherent jurisdiction of the court.
Moving the application, Atiku relied on an affidavit deposed to by Gbolahan Olabayo Dada, an EFCC investigating officer attached to the Bank Fraud Section.
The affidavit stated that the investigation followed a petition submitted by Blackwood Law on behalf of Renmoney Microfinance Bank Limited against Yili Fu Liang Trading Co. Ltd over allegations of stealing.
According to the commission, the petition was received on September 21, 2026, following a reported electronic banking incident on September 18, during which unauthorised transfers allegedly amounting to N1,065,500,000 were made through the bank’s application environment.
The petitioner alleged that the suspicious transactions occurred between approximately 4:52 p.m. and 8:00 p.m., with 12 transactions identified during the period.
The affidavit noted that the N1.065 billion represented the bank’s estimated financial exposure following a preliminary review of its systems.
It further stated that preliminary findings indicated that the funds were transferred to beneficiary accounts bearing the name Yili Fu Liang Trading Co. Ltd, linked to a virtual collection account domiciled with a new-generation bank through the Kora Payment Network.
Investigators reportedly identified nine tranches of inflows totalling N1,065,500,000 into the collection account on September 18.
The EFCC investigator alleged that preliminary findings suggested the accounts involved did not have corresponding funds before the reported incident, prompting the commission to seek a court order to preserve the money pending further investigation.
Regarding the six BVNs listed in the application, the affidavit stated that preliminary checks on the BVN portal and account-opening documents allegedly linked their holders to Yili Fu Liang Trading Co. Ltd.
The investigator further alleged that the individuals behind the company were Nigerian nationals operating under the umbrella of a Chinese company and said they needed to be questioned as part of the ongoing investigation.
The commission argued that freezing the account and placing the BVNs on a watchlist were necessary to prevent the possible dissipation of the funds while investigations into the alleged offences continued.
After considering the submissions of the EFCC’s counsel, Justice Bogoro granted the reliefs sought by the commission.
The court subsequently adjourned the matter until January 19, 2027, for a report on the progress of the investigation.
The allegations have yet to be established in court.
