A report has revealed that the Nigerian government has frozen over $37 million worth of cryptocurrency held in wallets believed to be owned by organizers of the #EndBadGovernance protests. The freezing order was issued by the Federal High Court in Abuja.
According to a copy of the ruling obtained by Premium Times, the order was given by Judge Emeka Nwite on July 9. The action was taken following an application submitted by the Economic and Financial Crimes Commission (EFCC).
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The EFCC, in its ex parte application filed on August 8 and heard by the court the following day, described the frozen assets as proceeds of money laundering and terrorism financing.
EKO HOT BLOG reports that During the hearing, there was no objection to the application, which proceeded as an exchange of views between the judge and EFCC’s lawyer, O.S. Ujam.
Judge Nwite, after listening to the arguments presented, ruled, “That an order of this honorable court is hereby made freezing the wallet addresses/accounts stated in the schedule below, which wallets are owned by individuals currently being investigated for offenses of money laundering and terrorism financing, pending the conclusion of the investigation.”
The largest of the frozen wallets contains USDT37 million (USDT37,061,867,869.3), a cryptocurrency whose value equals the same amount in American US dollars. The other three wallets hold USDT967, USDT90, and USDT443,512.37, respectively.
This development follows the ongoing scrutiny and investigation by Nigerian authorities into the financial activities of those associated with the #EndBadGovernance protests, amid accusations of money laundering and terrorism financing.
EFCC did not reveal the identities of the wallet owners in its application.
However, insiders briefed about the case informed the aforementioned publication that the federal government traced them to suspected organisers of the #EndBadGovernance protests.
An affidavit filed in support of the application for the court order to freeze the cryptocurrency wallets said the assets “are owned by individuals currently being investigated for offences of money laundering and terrorism financing.”
The affidavit was sworn to by an EFCC official, Jimada Yusuf.
At the hearing of the application on 9 July, EFCC’s lawyer, Ujam, urged the judge to order the freezing of the wallets “pending the conclusion of the investigation and prosecution.”
There was no adverse parties in court to oppose the application since it was an ex-parte hearing usually conducted without the opponents in attendance.
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In cases where a legal process begins with an ex parte application, the adverse parties are not served until the court orders service of the outcome of the hearing and other filings.
After listening to EFCC’s lawyer on 9 July, the judge ordered, “That the applicant’s application dated and filed on 8th day of August 2024 is granted as prayed.”
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