EFCC Freezes N1.065bn Account Linked to Renmoney Fraud

Justice Yelim Bogoro of the Federal High Court in Lagos ordered the freezing of a bank account associated with the alleged theft of N1.065 billion from Renmoney Microfinance Bank. This order was granted following an ex parte application by the Economic and Financial Crimes Commission (EFCC), represented by lawyer Zeenat Atiku, to preserve the funds during ongoing investigations.

The case, marked FHC/LAG/MISC/1392/2026, stemmed from a petition by Renmoney, which claimed its banking application was exploited for 12 unauthorized electronic transfers totaling N1,065,500,000 on September 18, 2026. The EFCC's investigator, Gbolahan Olabayo Dada, indicated that preliminary investigations traced the funds to a virtual account at First City Monument Bank linked to Yili Fu Liang Trading Company Limited.

The EFCC also requested the court to watchlist six Bank Verification Numbers (BVNs) associated with the individuals behind the company, alleging that they acted unlawfully to obtain the bank's funds.