EFCC Freezes Account in ₦1.06bn Renmoney Bank Fraud Probe, Flags Six BVNs

The Economic and Financial Crimes Commission (EFCC) has secured a Federal High Court order in Lagos to freeze a bank account belonging to Yili Fu Liang Trading Co. Ltd over alleged unauthorised electronic transfers amounting to ₦1.065 billion from Renmoney Microfinance Bank.

The order, granted by Justice Yelim Bogoro on October 16, 2026, followed an ex parte application by the anti-graft agency seeking to preserve the funds pending the conclusion of investigations and possible prosecution.

The EFCC also sought, and obtained, an order to place six Bank Verification Numbers (BVNs) on a watchlist as investigators examine the identities and activities of individuals allegedly connected to the beneficiary company

According to the commission, the investigation began after it received a petition on September 21 from Blackwood Law, acting on behalf of Renmoney Microfinance Bank Limited.

The petition alleged that unauthorised transactions were executed through the bank’s electronic banking platform on September 18.

12 Suspicious Transactions Under Investigation

In an affidavit supporting the application, EFCC investigator Gbolahan Dada, attached to the commission’s Bank Fraud Section, stated that the bank identified 12 suspicious transactions between 4:52 p.m. and 8 p.m. on the day of the incident.

The bank’s preliminary assessment reportedly put its financial exposure at ₦1.065 billion.

Investigators said preliminary findings traced the disputed funds to beneficiary accounts bearing the name Yili Fu Liang Trading Co. Ltd and linked to a collection account operated through Kora Payment Network.

The affidavit further stated that nine inflows totalling ₦1,065,500,000 were identified in the collection account on September 18.

Dada alleged that the beneficiary accounts did not have corresponding funds before the disputed transactions occurred, raising concerns about how the money was received and transferred.

The commission told the court that freezing the account was necessary to preserve the funds and prevent their possible dissipation while investigations continued.

Six BVNs Placed Under Scrutiny

The EFCC also asked the court to place six BVNs on a watchlist pending further investigation.

According to the affidavit, preliminary checks of the BVN portal and account-opening documents allegedly linked the six BVNs 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.

The commission said further inquiries were necessary to establish the identities of the individuals involved, determine their respective roles and question them as part of the investigation.

The allegations have not been established as proven facts, and the investigation remains ongoing.

Court Order Seeks to Preserve Funds

The EFCC approached the Federal High Court under suit number FHC/LAG/MISC/1392/2026, seeking judicial authorisation to preserve the disputed funds while the commission investigates the alleged transactions.

The court granted the reliefs sought by the commission. The matter was subsequently adjourned until January 19, 2027, for a report on the progress of the investigation, according to reports on the proceedings.

The account freeze and BVN watchlisting are interim measures and do not, by themselves, establish that the company or any individual connected to it committed a criminal offence.

Investigators are expected to continue tracing the disputed funds, examining the electronic transactions and establishing the identities and potential responsibilities of those involved.

The outcome will depend on the evidence gathered and any subsequent court proceedings.