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The Economic and Financial Crimes Commission (EFCC) has secured a court order to freeze an account belonging to Yili Fu Liang Trading Co. Ltd over alleged N1.065 billion fraud.
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 filed by the EFCC, Lagos Zonal Directorate 1, Ikoyi, 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 (Establishment) Act, and the inherent jurisdiction of the court.
According to the EFCC, the account bearing the name Yili Fu Liang is reportedly linked to a Kora Payment Network collection account domiciled with a new generation bank as a virtual account.
Moving the application, Atiku told the court that it was supported by an affidavit deposed to by Gbolahan Olabayo Dada, an investigating officer attached to the Bank Fraud Section of the commission.
In the affidavit, Dada said he 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 conspiracy and stealing.
He said 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.
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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 stated that 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.
Investigators identified nine tranches of inflows totalling N1,065,500,000 into the collection account on September 18, 2026, the affidavit added.
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.
On the six BVNs, the investigating officer said preliminary checks on the BVN portal and account-opening documents allegedly linked their holders to Yili Fu Liang Trading Co. Ltd.
He alleged that the individuals behind the company were Nigerian nationals operating under the umbrella of a Chinese company, and that they needed to be brought in for questioning.
The affidavit maintained that the application was necessary to preserve the funds and prevent their possible dissipation while investigations into alleged stealing and money laundering continued.
After listening to submissions, Justice Bogoro granted the reliefs sought, authorising the EFCC to direct the bank to freeze the account and to place the six BVNs on watchlist pending conclusion of investigations.
The court adjourned the matter until January 19, 2027, for report of investigation.
