Renmoney has sought court 0rder to freeze accounts over alleged ₦1.06bn fraud.
NewsOnline Nigeria reports that the EFCC told a Federal High Court in Lagos that 12 suspicious transfers allegedly moved ₦1.065bn from the microfinance bank’s system, as the court granted interim orders to secure the funds.
Renmoney Microfinance Bank is seeking to recover ₦1.0655 billion allegedly transferred through unauthorised electronic transactions, with a Federal High Court in Lagos granting an application to freeze a beneficiary account and watchlist several Bank Verification Numbers (BVNs) pending investigation.
The Economic and Financial Crimes Commission (EFCC), acting on a petition filed on behalf of Renmoney, approached the court in a case marked FHC/LAG/MISC/1392/2026 to secure the funds and prevent their possible dissipation.
According to court documents, the petition was submitted on September 21, 2026, by Blackwood Law on behalf of Renmoney Microfinance Bank Limited. It alleged conspiracy and stealing involving Yili Fu Liang Trading Co. Ltd.
The petition followed an incident on September 18, 2026, when Renmoney reportedly identified a series of suspicious and unauthorised transfers through its banking application environment.
An affidavit filed by EFCC investigator Gbolahan Olabayo Dada stated that 12 suspicious transactions were identified between approximately 4:52 p.m. and 8:00 p.m., with the total financial exposure estimated at ₦1.0655 billion.
The investigator said preliminary findings showed that the funds were received through a collection account associated with KORA Payment Network, with a virtual beneficiary account bearing the name Yili Fu Liang Trading Co. Ltd domiciled with First City Monument Bank (FCMB).
The affidavit further stated that the collection account received the funds in nine tranches on September 18, 2026.
The EFCC said its investigation was ongoing and that the requested orders were necessary to preserve the funds while investigators examined the transactions and the individuals allegedly connected to them.
In its ex parte application, the commission asked the court to empower it to direct the freezing of the account identified in its filing, pending the conclusion of investigations or possible prosecution.
It also sought an order to watchlist six BVNs allegedly linked to individuals associated with the beneficiary company.
According to the affidavit, preliminary checks of the BVN portal and account-opening documents suggested that the individuals behind the company were Nigerian nationals. The commission said the identities and roles of those involved required further investigation and questioning.
The EFCC maintained that an interim attachment order was necessary to prevent the funds from being dissipated while investigations into suspected fraud and money laundering continued.
Justice Yelim Bogoro granted the orders sought by the EFCC after hearing submissions from the commission’s lawyer, Zeenat Atiku.
The court subsequently adjourned the matter until January 19, 2027, for a report on the progress of the investigation.
The allegations remain subject to investigation and judicial determination. The court orders do not, in themselves, establish the guilt of any of the individuals or entities mentioned.
