The Economic and Financial Crimes Commission, EFCC, Lagos Zonal Directorate 1, Ikoyi, has secured a court order to freeze an account belonging to Yili Fu Liang Trading Co. Ltd over allegations of conspiracy and stealing.
The account is allegedly linked to the transfer of N1,065,500,000 from Renmoney Microfinance Bank following a reported electronic banking incident.
Justice Yelim Bogoro of the Federal High Court, Lagos, granted the order on Friday, October 16, 2026, following an ex parte application by the EFCC in a suit marked FHC/LAG/MISC/1392/2026.
The Commission, through its prosecuting counsel, Z.B. Atiku also sought an order to place six Bank Verification Numbers (BVNs) on a watchlist pending the conclusion of investigations or possible prosecution.
The application was brought pursuant to Section 44(2)(k) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), Sections 26 and 28 of the EFCC Act, and the inherent jurisdiction of the court.
Specifically, the EFCC sought an order authorising it to direct the manager of the account listed in Schedule A of the application to freeze the account pending the conclusion of investigations or possible prosecution.
The account, bearing the name Yili Fu Liang, is reportedly linked to a Kora Payment Network collection account number domiciled with a new generation bank as a virtual account.
The Commission also sought an order to watchlist six BVN numbers pending the conclusion of investigations or possible prosecution:
Moving the application, Atiku informed the court that it was supported by an affidavit deposed to by Gbolahan Olabayo Dada, an investigating officer with the Commission.
According to the affidavit, Dada is attached to the Bank Fraud Section and was assigned to investigate a petition submitted by Blackwood Law on behalf of Renmoney Microfinance Bank Limited against Yili Fu Liang Trading Co. Ltd over allegations of stealing.
The affidavit stated that the Commission received the petition on September 21, 2026, following an alleged incident on September 18, 2026, involving unauthorised electronic transfers of N1,065,500,000 through the bank’s application environment.
The petitioner alleged that the suspicious transactions occurred between approximately 4:52 p.m. and 8:00 p.m., with 12 transactions identified during the period and the total financial exposure estimated at N1.065 billion.
The affidavit further stated that the amount represented the financial exposure identified during the bank’s preliminary review of its systems.
According to the investigating officer, preliminary findings indicated that the funds were transferred to beneficiary accounts under the name Yili Fu Liang Trading Co. Ltd, linked to the Kora Payment Network collection account.
The affidavit added that investigators identified nine tranches of inflows, totalling N1,065,500,000, into the collection account on September 18, 2026.
Dada further stated that preliminary investigations suggested that the account holders did not have corresponding funds in their accounts before the alleged incident, making it necessary to secure the funds pending further investigation and possible prosecution.
On the BVNs listed in the application, the investigating officer stated that preliminary checks on the BVN portal and account-opening documents allegedly linked their holders to Yili Fu Liang Trading Co. Ltd.
He further alleged that the individuals behind the company were Nigerian nationals operating under the umbrella of a Chinese company, adding that they needed to be brought in for questioning as part of the ongoing investigation.
The affidavit maintained that the application was necessary to preserve the funds and prevent their possible dissipation while investigations into the alleged stealing and money laundering continued.
After listening to the submissions of the EFCC’s counsel, Justice Bogoro granted the reliefs sought by the Commission.
The court subsequently adjourned the matter until January 19, 2027, for a report on the investigation.
