The N1.06bn fraud investigation has taken a new turn after the Economic and Financial Crimes Commission (EFCC) secured a court order to freeze an account allegedly linked to ₦1,065,500,000 transferred from Renmoney Microfinance Bank.
The EFCC’s Lagos Zonal Directorate 1, Ikoyi, obtained the order against Yili Fu Liang Trading Co. Ltd over allegations of conspiracy and stealing.
Justice Yelim Bogoro of the Federal High Court in Lagos granted the order on Friday, October 16, 2026. The judge acted on an ex parte application filed by the commission in suit number FHC/LAG/MISC/1392/2026.
The order will preserve the funds pending the conclusion of investigations or possible prosecution.
EFCC Seeks to Preserve Funds in N1.06bn Fraud Case
The commission, through its prosecuting counsel, Z.B. Atiku, also asked the court to place six Bank Verification Numbers (BVNs) on a watchlist.
The EFCC brought the application under Section 44(2)(k) of the 1999 Constitution, as amended, Sections 26 and 28 of the EFCC Act, and the court’s inherent jurisdiction.
Specifically, the commission sought permission to direct the bank holding the account listed in its application to freeze the funds while investigations continue.
The account, reportedly bearing the name Yili Fu Liang, is linked to a Kora Payment Network collection account domiciled with a commercial bank.
Atiku told the court that the application was supported by an affidavit from Gbolahan Olabayo Dada, an EFCC investigating officer attached to the Bank Fraud Section.
Renmoney Reports Alleged ₦1.065bn Transfers
According to the affidavit, Dada was assigned to investigate a petition submitted by Blackwood Law on behalf of Renmoney Microfinance Bank Limited against Yili Fu Liang Trading Co. Ltd.
The EFCC reportedly received the petition on September 21, 2026, following an alleged electronic banking incident on September 18.
The bank alleged that unauthorised transfers worth ₦1,065,500,000 occurred through its application environment.
The affidavit stated that the suspicious transactions took place between approximately 4:52 p.m. and 8:00 p.m. Investigators identified 12 transactions during that period.
The amount represented the bank’s estimated financial exposure following its preliminary review of its systems.
Investigators also reported identifying nine separate inflows into the Kora Payment Network collection account. The inflows reportedly totalled ₦1,065,500,000 on September 18.
The EFCC said preliminary findings linked the beneficiary accounts to Yili Fu Liang Trading Co. Ltd.
Six BVNs Placed Under Watchlist Request
The investigating officer also addressed the six BVNs listed in the application.
According to the affidavit, preliminary checks on the BVN portal and account-opening documents allegedly linked the individuals to Yili Fu Liang Trading Co. Ltd.
Dada further alleged that the company’s operators were Nigerian nationals working under the umbrella of a Chinese company. He said investigators needed to question them as part of the ongoing inquiry.
The affidavit also claimed that the accounts lacked corresponding funds before the alleged transactions occurred.
The commission argued that freezing the account and monitoring the identified BVNs would help preserve the funds and prevent their possible dissipation while investigations continued.
The allegations remain subject to investigation and do not, on their own, establish criminal liability.
Court Adjourns Case Until January 2027
After hearing the EFCC’s submissions, Justice Bogoro granted the reliefs sought by the commission.
The court adjourned the matter until January 19, 2027, for a report on the progress of the investigation.
The EFCC’s inquiry into the alleged N1.06bn fraud will therefore continue as investigators examine the reported transfers, trace the funds and establish the roles, if any, of the individuals and company linked to the account.
No final determination of criminal liability was reported in the material provided.
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