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Home Anti-Corruption Why EFCC Freezes Bank Accounts
  • Anti-Corruption

Why EFCC Freezes Bank Accounts

By
Wilson Uwujaren
-
June 13, 2016
Ibrahim Magu of EFCC
Ibrahim Magu of EFCC
EFCC-OPERATIVES-OUTSIDE-IBADAN-HIGH-COURT-OYO-STATE5In recent times, a lot of interest has been generated by the action of the Commission in freezing the accounts of suspects that were investigated or are currently being investigated. Some commentators have tended to ascribe vindictive motives to this action
In order to prevent misinformation, it is imperative to explain the reason behind the Commission’s actions in this regard.
Freezing of accounts suspected of being used for commission of financial crimes is a mandatory investigative step backed by law.
Indeed, Section 34 (1) of the EFCC Act 2004 empowers the Commission to freeze any account suspected of being used for financial crimes.
The section stipulates that, “the Chairman of the Commission or any officer authorized by him may, if satisfied that the money in the account of a person is made through the commission of an offence under this Act or any enactment specified under Section 6(2) (a)-(f) of this Act, apply to the Court ex-parte for power to issue or instruct a bank examiner or such other appropriate authority to freeze the account.”
Similar provision in the Money Laundering Prohibition Act 2012 (as amended), also empowers the EFCC Chairman or his representatives to place a stop order on any account or transaction suspected to be involved in any crime.
The intendment of these provisions is to ensure that the Commission safeguards suspected proceeds of crime pending the completion of its investigation. It is without prejudice to the social standing of the holder of such accounts or whether they are individual, corporate or government accounts.
Freezing orders are incidental to investigation and doing otherwise will jeopardize the prospects of recovering stolen assets.
Wilson Uwujaren
Head, Media & Publicity
13th June, 2016

 

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Lawyer Sues Housing Ministry, FHA Over Alleged Property RedesignNavy to Establish  Base in Kebbi to Tackle Inland Waterway CrimesArmy Commander's Compassion Keeps 100 Students in School in ZamfaraSam Obi Sponsors 500 Students in Evergreen, SimplifiedIQ's Education ProgramNIPR Hails customs Boss' Tenure Extension as Evidence of Transformational LeadershipAkwa Ibom Boosts National Security with Land Donation for Nigerian Air Force BaseCustoms Unveils Renewable Energy Handbook, Strengthens EU-Germany-GIZ PartnershipUNIMAID Mass Comm becomes Faculty of Communication and Media StudiesTinubu’s Extension of Customs CG Bashir Adeniyi’s Tenure Draws Widespread Praise and ReactionsArmy Troops, DSS Nab Arms Trafficker in Taraba, Recover Ammunition, CashIG Reaffirms Commitment to Tackling Oil Theft, Upholding Human RightsNorthern Leaders Urge Action on Almajiri Crisis, Equitable Resources at Arewa Summit in KadunaArmy Denies Allegations of Misconduct in Imo CommunityTroops Repel Bandit Attacks in Katsina, Plateau, Recover Rustled Cattle, Sustain CasualtiesNavy Destroys 10 Illegal Refineries in Niger Delta
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