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The Economic and Financial Crimes Commission has obtained a Federal High Court order to preserve funds allegedly linked to the transfer of 1.065 billion naira from Renmoney Microfinance Bank through suspicious electronic transactions. The move is aimed at preventing the money from being moved or concealed while investigators work to establish what happened.
The case followed a petition submitted on behalf of Renmoney on September 21, 2026, after the bank reportedly detected 12 unauthorised transactions on its electronic banking platform three days earlier. The transactions allegedly occurred within a period of about three hours, with the bank’s preliminary assessment putting its financial exposure at 1.0655 billion naira.
Investigators told the court that preliminary findings traced the funds through nine separate inflows into a collection account associated with Kora Payment Network. The beneficiary account was reportedly registered in the name of Yili Fu Liang Trading Company Limited and domiciled with First City Monument Bank.
The commission also sought to place six Bank Verification Numbers on a watchlist as part of efforts to identify and question individuals allegedly connected to the company. The EFCC said preserving the funds was necessary while investigations into suspected stealing and money laundering continued.
Justice Yelim Bogoro granted the interim requests on October 16, 2026, following an application by the commission. The court adjourned the matter until January 19, 2027, for an update on the investigation. No finding of guilt has been established, and the allegations remain subject to further investigation and judicial determination.
