The Economic and Financial Crimes Commission (EFCC) has secured a Federal High Court order to freeze an account belonging to Yili Fu Liang Trading Co. Ltd over allegations of conspiracy and stealing involving ₦1.0655 billion transferred from Renmoney Microfinance Bank.
The order also authorises the commission to place six Bank Verification Numbers (BVNs) on a watchlist pending the conclusion of investigations or possible prosecution.
Justice Yelim Bogoro of the Federal High Court in Lagos granted the orders on Friday, October 16, 2026, following an ex parte application by the EFCC in suit number FHC/LAG/MISC/1392/2026.
According to a statement issued by the commission’s Head of Media and Publicity, Dele Oyewale, on October 22, the application was moved by the EFCC’s prosecuting counsel, Z.B. Atiku.
How the alleged ₦1.065bn transfers occurred
The EFCC said its investigation followed a petition submitted by Blackwood Law on behalf of Renmoney Microfinance Bank Limited against Yili Fu Liang Trading Co. Ltd over allegations of stealing.
In an affidavit supporting the application, Gbolahan Olabayo Dada, an EFCC investigating officer attached to the Bank Fraud Section, said the commission received the petition on September 21, 2026.
The petition concerned an alleged electronic banking incident on September 18, during which unauthorised transfers totalling ₦1,065,500,000 were reportedly carried out through the bank’s application environment.
According to the affidavit, the suspicious transactions occurred between approximately 4:52 pm and 8:00 pm, with 12 transactions identified during the period.
The amount represented the financial exposure identified during the bank’s preliminary review of its systems.
EFCC traces funds to collection account
The investigating officer told the court that preliminary findings indicated that the funds were transferred to beneficiary accounts bearing the name Yili Fu Liang Trading Co. Ltd.
The accounts were allegedly linked to a virtual collection account operated through the Kora Payment Network and domiciled with a commercial bank.
The affidavit further stated that investigators identified nine tranches of inflows, totalling ₦1,065,500,000, into the collection account on September 18.
Dada said preliminary investigations suggested that the account holders did not have corresponding funds in their accounts before the alleged incident.
He argued that freezing the account was necessary to preserve the funds while investigations continued and possible prosecution was considered.
Why EFCC sought to watchlist six BVNs
The commission also asked the court to authorise the placement of six BVNs on a watchlist pending the conclusion of investigations or possible prosecution.
According to the affidavit, preliminary checks on the BVN portal and account-opening documents allegedly linked the holders to Yili Fu Liang Trading Co. Ltd.
The investigating officer further alleged that the individuals behind the company were Nigerian nationals operating under the umbrella of a Chinese company.
He said the individuals needed to be brought in for questioning as part of the ongoing investigation.
The EFCC maintained that the orders were necessary to prevent the possible dissipation of the funds while investigations into the allegations of stealing and money laundering continued.
Court adjourns case until January 2027
After hearing submissions from the EFCC’s counsel, Justice Bogoro granted the reliefs sought by the commission.
The court adjourned the matter until January 19, 2027, for a report on the investigation.
The allegations remain subject to investigation, and the court orders do not in themselves establish the guilt of Yili Fu Liang Trading Co. Ltd or any individuals linked to the account.
