FX infractions: EFCC clears over 1,000 bank accounts, prunes investigations to 16

The Economic and Financial Crimes Commission (EFCC) has cleared more than 1,000 bank accounts earlier flagged for alleged foreign exchange (FX) infractions, narrowing its ongoing investigation to just 16 accounts after a comprehensive review process.

This was disclosed in a statement from the Federal High Court, Abuja, following a judgment delivered by Justice Emeka Nwite in suit number FHC/ABJ/CS/543/2024.

According to the statement, the anti-graft agency had initially investigated 1,146 bank accounts belonging to individuals and companies operating in Nigeria over suspected foreign exchange irregularities.

Following the investigation, the EFCC reportedly cleared over 1,000 accounts and published an updated list of 22 accounts requiring further scrutiny. However, six additional accounts were later discharged, reducing the number of accounts still under investigation to 16.

The inquiry was initiated to identify and address systemic irregularities within Nigeria’s foreign exchange market.

As part of the resolution process, all “Post No Debit” (PND) orders and other restrictive measures imposed on the cleared accounts have been lifted, allowing affected individuals and businesses to regain full access to banking services and resume normal commercial operations.

The development is expected to provide significant relief to affected businesses and individuals whose operations had been disrupted during the investigation period.

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The statement noted that the accounts cleared included those belonging to Akitoye Adeyemi Ayomide with GTBank account number 0165110025; Clyp Trading Ltd with Titan Trust Bank account number 0000331101; Clyp Consulting Ltd with Providus Bank account number 9401374554; and Toyetech Platforms Ltd with Titan Trust Bank account number 0000134962.

Others listed among the cleared accounts were David George Ajala with Fidelity Bank account number 5090680780; Winx International Platforms Ltd with Titan Trust Bank account number 0000135055; Shutterscore Trading Platforms Ltd with Access Bank account number 1532363954; Tradecillion Trading Ltd with Stanbic IBTC account number 0045672922; and Akingbade Juwon with Ecobank account number 3442053006.

The statement said the mass clearance demonstrates efforts by regulators to balance strict oversight of the foreign exchange market with the protection of legitimate business activities.

It added that while investigations continue on the remaining 16 accounts, the resolution of the majority of the cases reinforces confidence in due process and signals improved regulatory clarity within Nigeria’s financial system.

Analysts said the move could help restore confidence among investors and businesses by assuring legitimate market participants that regulatory actions would not unnecessarily hinder lawful commercial activities.