N1.065bn Renmoney Fraud: EFCC Secures Court Order to Preserve Funds

Justice Yelim Bogoro of the Federal High Court in Lagos has ordered the freezing of a bank account linked to the alleged theft of N1.065 billion from Renmoney Microfinance Bank’s vault.

Justice Bogoro granted the order after considering an ex parte application by the Economic and Financial Crimes Commission (EFCC), which sought to preserve the funds pending the conclusion of investigations and possible prosecution of those implicated in the alleged fraud.

After hearing the EFCC’s lawyer, Zeenat Atiku, who sought the preservation of the funds, the judge also ordered the watchlisting of six Bank Verification Numbers (BVNs) allegedly linked to the individuals behind Yili Fu Liang Trading Company Limited, whose account investigators identified as a beneficiary of the disputed transfers.

Read Also: Lotus Sues 45 Banks Over N1.3bn Lost To System Failure

The case, marked FHC/LAG/MISC/1392/2026, arose from a petition by Renmoney Microfinance Bank, which alleged that its banking application was exploited to execute 12 unauthorised electronic transfers totalling N1,065,500,000.

In an affidavit filed in support of the application, the anti-graft agency claimed that the alleged fraud occurred on September 18, 2026, between approximately 4.52pm and 8pm.

The bank, through its lawyers, petitioned the EFCC on September 21, alleging conspiracy and theft by Yili Fu Liang Trading Company Limited and other persons suspected of involvement in the transactions.

An EFCC investigator, Gbolahan Olabayo Dada, attached to its Bank Fraud Section, said preliminary investigations traced the disputed funds to a virtual account maintained with First City Monument Bank (FCMB).

The account, numbered 6700756695 and bearing the name Yili Fu Liang Trading Company Limited, was allegedly linked to a collection account operated by KORA Payment Network, numbered 2007242714.

Dada stated that preliminary investigations showed that the collection account received N1.065 billion in nine tranches on the day of the alleged fraud.

He further alleged that the suspected beneficiaries had no corresponding balances in their accounts before they received the disputed funds, prompting the EFCC to seek an order to preserve the money and prevent its dissipation.

The investigator said the commission began investigating after receiving the petition and wrote to several banks for information. Its operatives had received and analysed the responses.

He expressed concern that the incident might not be isolated, alleging it could be part of a coordinated scheme in which individuals may have acted individually or collectively to unlawfully obtain, transfer, receive, conceal, or convert the bank’s funds.

The EFCC also asked the court to watchlist six BVNs, alleging that their holders were individuals behind Yili Fu Liang Trading Company Limited.

According to the investigator, preliminary checks on the BVN portal and account-opening documents indicated that the individuals associated with the company were Nigerian nationals allegedly operating under the cover of a Chinese company.

The C to okommission said it needed to investigate the individuals’ identities and activities further and question them.

In the ex parte application, the EFCC relied on Section 44(2)(k) of the 1999 Constitution, as amended, Sections 26 and 28 of the EFCC Act, 2004, and the court’s inherent jurisdiction.

It urged the court to authorise freezing the account and watchlisting the BVNs pending the conclusion of investigations and possible prosecution.

Justice Bogoro granted the reliefs sought and adjourned the matter to January 19, 2027, for a report on the investigation.