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Nigerian Court Unfreezes N89 Million in Crypto-Linked Accounts Amid Intensified Crackdown

1 December 2024
in Crypto, News
Reading Time: 3 mins read
104 4
Home News Crypto

Last updated on December 4th, 2024 at 11:30 am

In a significant legal development, the Federal High Court in Abuja has unfrozen six bank accounts previously tied to alleged illicit cryptocurrency dealings.

The accounts, totaling N89.48 million, were initially frozen by the Economic and Financial Crimes Commission (EFCC) over suspicions of illegal financial activities that reportedly destabilized Nigeria’s currency.

Justice Emeka Nwite lifted the freezing order on Monday after the EFCC confirmed, via an affidavit filed on November 25, 2024, that its investigations revealed no unlawful activities linked to the funds. Among the affected accounts are those of Awe Microfinance Bank (N2.3 million), Olalekan Sibiku Adesugba (N3.3 million), Ad Ishola Farms (N10.1 million), H. Ishola Multibiz Int’l (N16.5 million), Microtech Investment Services (N3.5 million), and HML Business Ventures (N53.5 million).

This decision comes in the backdrop of heightened regulatory scrutiny over cryptocurrency activities in Nigeria. Earlier this year, the EFCC froze 22 bank accounts connected to cryptocurrency trading platforms such as ByBit and KuCoin. Authorities alleged these platforms facilitated activities that contributed to the naira’s sharp devaluation. On April 18, 2024, the naira experienced an unprecedented plunge in the black market, with the dollar surging from N1,250 to N1,980 within hours—a situation investigators partly attributed to unregulated crypto trading.

An EFCC affidavit described how cryptocurrency platforms allegedly enabled Nigerian users to conduct unauthorized forex transactions and money laundering under the guise of anonymity. Platforms like ByBit, which continue to offer peer-to-peer (P2P) trading options, are accused of fostering market manipulation and currency destabilization. Binance, a major global exchange, exited the Nigerian market following similar allegations.

The EFCC’s investigation into the 22 accounts has yielded mixed outcomes. While six accounts have been cleared, others remain under scrutiny. Some account holders have entered plea bargains, forfeiting funds to the government, while criminal prosecutions continue against a few suspects.

This regulatory clampdown is part of a broader government effort to control cryptocurrency activities. The Central Bank of Nigeria (CBN) recently mandated fintech companies, including OPay, Palmpay, Moniepoint, Kuda, and Paga, to halt all crypto-related transactions. These firms are now required to report suspicious accounts directly to the National Security Adviser.

Nigeria’s stance on cryptocurrency reflects growing tensions between regulatory bodies and digital finance advocates. While authorities cite risks of market manipulation and national security threats, critics argue the clampdown stifles innovation and financial inclusion.

As the EFCC continues its investigations and court actions unfold, the spotlight remains on Nigeria’s approach to balancing the benefits of digital assets with the imperatives of financial stability and regulation. Whether these efforts will restore confidence in the naira or push crypto activity further underground remains to be seen.


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