EFCC said the individuals behind the company were Nigerians operating under the umbrella of a Chinese company.
The Economic and Financial Crimes Commission (EFCC) has obtained a court order to freeze an account belonging to Yili Fu Liang Trading Co. Ltd over the alleged transfer of N1.065 billion from Renmoney Microfinance Bank through unauthorised electronic transactions.
The EFCC also asked the court to place six Bank Verification Numbers (BVNs) on a watchlist pending the conclusion of investigations and possible prosecution.
In a statement on Thursday by the EFCC spokesperson Dele Oyewale, the commission said it began investigating the matter after receiving a petition from Blackwood Law, acting on behalf of Renmoney Microfinance Bank Limited, on 21 September.
The petition concerned alleged unauthorised transfers through the bank’s electronic banking platform on 18 September.
According to an affidavit filed in support of the application, 12 suspicious transactions occurred between 4:52 p.m. and 8 p.m. that day. The bank’s preliminary review put its financial exposure at N1.065 billion.
Gbolahan Dada, an EFCC investigator attached to the Bank Fraud Section, said preliminary findings traced the funds to beneficiary accounts bearing the name Yili Fu Liang Trading Co. Ltd and linked to a collection account operated through Kora Payment Network.
The statement noted that the affidavit revealed that investigators identified nine inflows totalling N1,065,500,000 into the collection account on 18 September.
Mr Dada further alleged that the account holders did not have corresponding funds in their accounts before the transactions occurred. He said the funds needed to be preserved while investigations continued and possible prosecution was considered.
The investigator also stated that checks on the BVN portal and account-opening documents allegedly linked the six BVNs listed in the application to the company.
He alleged that the individuals behind the company were Nigerians operating under the umbrella of a Chinese company and said they needed to be questioned as part of the investigation.
The EFCC told the court that the account freeze and BVN watchlist were necessary to prevent the funds from being dissipated while investigations into alleged stealing and money laundering continued.
The application was brought under Section 44(2)(k) of the Nigerian constitution, sections 26 and 28 of the EFCC Act, and the court’s inherent jurisdiction.
After hearing submissions from the commission’s lawyer, Z.B. Atiku, Justice Bogoro granted the request.
The court adjourned the matter until 19 January 2027 for a report on the investigation.
The allegations have not been established in court.
