Business
Forex: EFCC can freeze 1,146 individual, company bank accounts, court rules
Forex: EFCC can freeze 1,146 individual, company bank accounts, court rules
A Federal High Court, Abuja has granted an interim order sought by the Economic and Financial Crimes Commission, EFCC, to freeze at least 1, 146 bank accounts belonging to individuals and companies over allegations bordering on unauthorised dealing in foreign exchange, among others.
Other offences being investigated by the EFCC bordered on money laundering and terrorism financing.
Justice Emeka Nwite, in a ruling on the ex-parte motion moved by counsel for the anti-graft agency, Ekele Iheanacho, also granted the commission’s application to conclude the investigation within 90 days.
Justice Nwite said: “It is hereby ordered as follows:
“That the applicant’s application is hereby granted as prayed.
“That an order of this honourable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorised dealing in foreign exchange, money laundering and terrorism financing to the extant that the investigation will be for a period of 90 (Ninety) days.”
Although the ruling was delivered on April 24, its certified true copy was sighted on Monday.
The EFCC, in the motion ex-parte marked: FHC/ABJ/CS/543/2024 dated and filed April 24 by Iheanacho, was heard by the judge same day in the interest of national interest.
The motion was brought pursuant to Section 44(2) and (K) of the 1999 Constitution; Section 34 of the EFCC Establishment Act 2004; Section 7(8) of the Money Laundering Prevention and Prohibition Act, 2022 and under the inherent jurisdiction of the court.
The agency had sought the order freezing the bank accounts stated in the schedule attached to the motion pending the conclusion of the investigation.
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Giving three grounds upon which the reliefs were sought, it said: “the bank accounts in respect of which the reliefs are sought are subject matters of investigation by the EFCC in relation to money laundering and terrorism financing.
“That preliminary investigation conducted thus far reveals that the bank accounts are linked to persons who take advantage of the virtual crypto currency exchange platforms to illegal manipulate the value of Naira and laundering proceeds of unlawful activities.
“That there is need to preserve the funds in the identified bank accounts pending the conclusion of investigation and possible prosecution.”
Justice Nwite consequently adjourned the matter until July 23 for mention.
Some of the account names mentioned in the attached schedule are Akitoye Adeyemi Ayomide with GTBank account number; 0165110025; Clyp Trading Ltd, Titan Trust Bank account number: 0000331101; Clyp Consulting Ltd, Providous account number: 9401374554; and Toyetech Platforms Ltd, Titan Trust Bank account number: 0000134962.
They also include Winx International Platforms Ltd, Titan Trust Bank account number: 0000135055; Shutterscore Trading Platforms Ltd, Access Bank account number: 1532363954; Tradecillion Trading Ltd, Stanbic IBTC account number: 0045672922; and Nsofor Nmamdi, GTBank account number: 0449088666
They equally include Kora Payments Network Ltd-Operations, UBA account number: 1022242089; Renderstack Technologies Ltd, Zenith Bank account number: 1210355120; Korex Payments Ltd, Globus account number: 5000007837; and Awe Microfinance Bank Ltd, Providous account number: 5400760781; and Victor Asuquo, Opay Digital Services Ltd account number: 9020132068.
Others are Akingbade Sabit Juwon, ECONANK account number: 3442053006; Nsofor Nmamdi, Union Bank account number: 0140460572; Asuquo Samuel, First Bank account number: 3153199542; Oty Ugochukwu Stanley, FCMB account number: 4039304011; Oty & Sons Global Concepts, Fidelity Bank account number: 6060410145; and Pelumi Ayandoye, Wema Bank account number: 0234852277; and David Ajala, Fidelity Bank account number: 5090680780, among others.
NAN had, on March 18, reported that Justice Nwite equally ordered Binance Holdings Limited to provide EFCC with the comprehensive data or information of all persons from Nigeria trading on its platform.
The judge granted the interim order on Feb. 29 to enable the anti-graft agency unravel the alleged money laundering and terrorism financing on Binance, a crypto currency exchange platform.
The commission had told the judge that its investigation team uncovered users who had been using the platform for price discovery, confirmation and market manipulation which had caused tremendous distortions in the market, resulting in the Naira losing its values against other currencies.
It said that from the information afforded to the team by Binance showed that the total trading volume from Nigeria in 2023 alone stood at $21.6 billion.
While EFCC is currently prosecuting Binance and two of its executives on alleged money laundering charge, the Federal Inland Revenue Service, FIRS, is prosecuting the company on alleged tax evasion offences.
Forex: EFCC can freeze 1,146 individual, company bank accounts, court rules
NAN
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Auto
26th Abuja Motor Fair: NADDC, BKG Set November 10 Date for Auto Industry Show
26th Abuja Motor Fair: NADDC, BGK Set November 10 Date for Auto Industry Showcase
The National Automotive Design and Development Council and BKG Exhibitions Ltd have unveiled plans for the 26th Abuja International Motor Fair, scheduled to hold from November 10 to 13, 2026, at Eagle Square, Abuja.
The four-day event is expected to bring together major players across the automotive value chain, such as vehicle manufacturers and assemblers, component producers, financial institutions, technology firms, transport operators, logistics companies, development partners, investors and government agencies.
A three-day conference will also feature prominently at the fair, with the theme, “Driving Nigeria’s Automotive Transformation: Policy, Production, and Prosperity.”
A statement on Friday by BKG Exhibitions said the conference would examine key issues shaping the development of Nigeria’s automotive industry, with speakers drawn from various sectors of the industry and related fields.
Chairman of the Organising Committee and Managing Director of BKG Exhibitions, Mr Ifeanyi Agwu, said the conference would feature a keynote address by the Director-General of NADDC, Otunba Joseph Osanipin, alongside presentations and speeches by leading stakeholders in the automotive and transport sectors.
According to him, the fair will provide participants with opportunities to engage industry leaders, investors, government officials and business executives while exploring emerging vehicles, technologies, products and investment opportunities.
Other highlights of the event are the Nigeria Automotive Excellence Awards Night, Abuja Automotive Road Show, Ultimate Test-Drive experience, exotic automobile displays and the Automotive and Future Mobility Arena.
Visitors will also have access to professional advice, technical papers and a showcase of some of Abuja’s finest cuisine.
The Abuja International Motor Fair has, over the years, evolved into one of Nigeria’s major automotive exhibitions and platforms for industry and policy dialogue.
The organisers said this year’s edition would further strengthen the platform’s role in promoting investment, innovation, local production and sustainable growth across Nigeria’s automotive sector.
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Auto
Replace Fuel Subsidy With Vehicle Credit to Drive Mobility, Jobs,LCCI, Ilekuba tell FG
Replace Fuel Subsidy With Vehicle Credit to Drive Mobility, Jobs,LCCI, Ilekuba tell FG
Nigeria’s automotive stakeholders have called for an urgent shift from fuel subsidy to affordable vehicle financing, saying the new model could make vehicle ownership accessible to more Nigerians while driving local production, creating jobs and reducing dependence on imported automobiles.
The call was made on Thursday at the LCCI/National Automotive Design and Development Council Automobile Symposium, themed, “From Subsidy to Credit: Can Vehicle Financing Replace Fuel Subsidy as Nigeria’s Mobility Equalizer?”
Chairman of the LCCI Auto and Allied Sector Group, Dr Femi Eguaikhide, said affordable vehicle credit could restore access to mobility, improve productivity and create a stronger market for Nigeria’s automotive industry.
He said fuel subsidy had for decades effectively functioned as Nigeria’s mobility policy by helping to keep transportation relatively affordable for millions of Nigerians, including commercial drivers, teachers and small-business operators.
However, following its removal in May 2023, Eguaikhide said mobility costs had risen sharply, resulting in higher transport fares and increased prices of goods and services, with knock-on effects on productivity.
“Subsidy made fuel cheap, but cars remained expensive. So only the rich owned productive assets,” he said, arguing that vehicle credit could enable more Nigerians to acquire income-generating vehicles and repay loans from the proceeds.
Eguaikhide called for affordable, preferably single-digit interest rates and longer-tenor lease-to-own schemes for commercial operators using buses, tricycles and motorcycles.
“Can we create a ₦50,000/month plan for a keke driver?” he asked, urging financial institutions to develop financing products around borrowers’ earning capacity rather than conventional lending models.
He also advocated the use of vehicle telematics, tracking systems and cash-flow data to develop “mobility credit scores” that could help lenders assess the repayment capacity of commercial transport operators.
But Eguaikhide warned that vehicle financing must not become a fresh channel for importing used vehicles.
“If we use credit to import more Tokunbo, we’ve solved nothing,” he said, advocating financing for CNG conversions, locally assembled electric and hybrid vehicles, as well as mass-transit buses.
He summed up the proposed policy shift: “Subsidy gave us consumption. Credit can give us production.”
In a special address, Chairman and Chief Executive Officer of Cedric Masters Group, Chief (Sir) Anselm Ilekuba, also canvassed a fundamental shift towards vehicle financing, stressing that such a policy must simultaneously promote Nigeria’s automotive industrialisation.
Ilekuba, who was represented at the event by his Chief Finance Officer and Head of Accounts and Strategy, Christabel Mmesoma Ilekuba, decried the impact of high financing costs, short repayment periods and pressure on household incomes on vehicle ownership, despite strong demand for automobiles.
He urged the Federal Government to seriously consider the proposed National Automotive Bank being championed by NADDC, describing it as a specialised financing institution that could support consumers, vehicle assemblers and component manufacturers.
Ilekuba proposed longer-tenor financing for qualifying locally assembled vehicles, alongside industrial credit for manufacturers and funding for machinery, technology, certification and capacity expansion by component producers.
He also called for stronger localisation of automotive components, citing the proposed National Automotive Components Parts Gateway being developed by ALCMAN with Chinese partners.
According to him, the Automotive Bank and Components Gateway could create a cycle in which increased vehicle purchases stimulate local assembly, boost demand for locally produced components, expand factories and generate jobs, while reducing Nigeria’s exposure to foreign-exchange pressures.
Ilekuba said the success of vehicle financing should therefore not be measured merely by the number of loans disbursed, but also by growth in local vehicle assembly, component production, factory expansion, employment and foreign exchange conserved or earned.
“The old subsidy helped Nigerians consume mobility. The new approach should help Nigerians own mobility—and help Nigeria produce it,” he said.
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Auto
Jetour Set to Storm Abuja Show with Rugged Luxury T2
Jetour Set to Storm Abuja Show with Rugged Luxury T2
Abuja is set for a taste of rugged luxury as Jetour Nigeria puts its adventure-ready T2 SUV in the spotlight at the Jetour Experience Abuja from September 22 to 24, 2026, giving motorists in the Federal Capital Territory and neighbouring states an opportunity to test its blend of off-road capability, premium comfort and advanced technology.
The three-day showcase at Maha Event Centre, Area 8, Garki, will feature test drives, live demonstrations and direct interaction with Jetour product specialists, offering prospective buyers a closer look at the T2 and other models in the automaker’s growing Nigerian line-up.
Positioned as a premium SUV combining off-road capability with comfort and advanced technology, the Jetour T2 is designed for motorists seeking a vehicle capable of handling both city driving and challenging terrain.
Jetour Nigeria is distributing the T2 and other models via its seven accredited dealers — Elizade Nigeria Limited, New Era AutoVehicle Services Limited, Germaine Auto Centre, Kojo Motors, Mandilas Autos, R.T. Briscoe Motors and Tab Autos Limited.
The T 2 SUV is powered by a 2.0-litre turbocharged engine producing 254 horsepower and 390 Nm of torque. The engine is paired with a seven-speed dual-clutch transmission and BorgWarner sixth-generation intelligent four-wheel-drive system.
It also features five driving modes — Eco, Sport, Mud, Rock and X Smart — designed to provide improved adaptability across different road and terrain conditions.
Measuring 4,758mm in length, 2,006mm in width and 1,880mm in height, the SUV offers 220mm ground clearance and a 70-litre fuel tank, giving it the capability for extended journeys and off-road adventures.
Inside the cabin, the T2 combines rugged styling with modern comfort, featuring ergonomic seating and a 15.6-inch touchscreen infotainment system with Apple CarPlay, Android Auto and intelligent voice control.
Its safety and driver-assistance features include a 360-degree panoramic camera, rear parking sensors, Lane Departure Warning, Blind Spot Detection, Anti-lock Braking System and Emergency Brake Assist.
The SUV also comes with off-road crawl control as well as push-button and remote-start functions.
The Abuja experience follows Jetour Nigeria’s recent showcase in Lagos as the automaker continues to expand its presence and customer reach across the country.
With its combination of performance, technology, safety and luxury, the Jetour T2 is expected to attract motorists seeking an SUV capable of combining everyday urban mobility with adventure and off-road driving.
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