Renmoney Loses N1.06bn To Fraudsters, Court To Freeze Suspects’ Accounts

MICHAEL AKINOLA 

Renmoney Microfinance Bank has been hit by a suspected hacker who allegedly stole the sum of N1,065,500,000 from its vault when it recently encountered a glitch in its operations.

The bank in a desperate bid to recover the money, has approached a Federal High Court, in Lagos, through the Economic and Financial Crimes Commission (EFCC) in a suit marked FHC/LAG/MISC/1392/2026, to freeze accounts that were used as conduit pipe in the financial fraud.

To freeze the account, EFCC through its lawyer, Zeenat Atiku had on Friday October 16 moved the motion exparte  which was pursuant to sections 44(2)(K) of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), and 26 and 28 of the EFCC Act No. 1 of 2004 and under the court’s inherent jurisdiction.

In the motion Exparte, the EFCC had asked for the following reliefs:

“An order of the honourable Court empowering the applicant herein to direct the Manager of the account highlighted in Schedule A to this Application, to Freeze the said account pending the conclusion of investigation or possible prosecution Schedule A, which comprises: Account Name- YILI FU LIANG, Account Number- 6700756695 (tied to collection account of KORA PAYMENT Bank Network with account number 2007242714 domiciled in FCMB (Virtual).

“An order of the honourable court watchlisting the BVN numbers highlighted in Schedule B to this Application pending the conclusion of investigation or possible prosecution. The BVN numbers are; 22177134508; 22217740579; 22178252571; 22308794434; 22494314322 and 22193456499.”

The EFCC lawyer also informed the court that the motion was supported with an affidavit deposed to by Gbolahan Olabayo Dada, an investigating officer of the agency.

Parts of the deponent averments read: “That I am one of the operatives of the Economic and Financial Crimes Commission attached to the Bank Fraud Section, of the Lagos 2 Zonal Directorate assigned to investigate the petition reported by Blackwood Law on behalf of Renmoney Microfinance Bank Limited against Yili Fu Liang Trading co. Ltd alleging a case of conspiracy and stealing against the suspects.

“That the Commission on the 21st day of September, 2026 received a petition from Blackwood Law on behalf of Renmoney Microfinance Bank Limited against Yili Fu Liang Trading co. Ltd alleging a case of conspiracy and stealing against the suspects. Attached and marked EXHIBIT EFCC-1 is a copy of the said petition.

“That the petitioner among other things alleged that on the 18th day of September, 2026, the petitioner experienced a serious and unprecedented incident involving the coordinated and unauthorised electronic transfer of the sum of N1,065,500,000.00 (One Billion and Sixty-Five Million and Five Hundred Thousand Naira Only) through its banking application environment.

“That the petitioner further alleged that suspicious and unauthorised fund transfers processed through its banking application environment occurred approximately between 4:52 p.m. and 8:00 p.m. In all, twelve (12) suspicious transactions were identified during the relevant period, with the aggregate financial exposure presently estimated at N1,065,500,000.00 (One Billion and Sixty-Five Million and Five Hundred Thousand Naira Only).

“The petitioner further stated that the aforesaid sum only represents the financial exposure presently identified from the petitioners ongoing preliminary review of its system. And that preliminary review of its system indicates that the funds were transferred to beneficiary accounts maintained with First City Monument Bank (FCMB) with account name: Yili Fu Liang Trading Co. Ltd and account number: 6700756695, tied to a collection account, KORA payment network with account number: 2007242714 (the account highlighted in schedule A to this application).

“That notwithstanding the absence of an identifiable legitimate originating source within the petitioner’s records, the transactions were processed and the corresponding funds were transferred to identified beneficiary accounts maintained with FCMB; and that the transactions occurred within a concentrated period of approximately three (3) hours, involving Twelve (12) separate transfers and an aggregate exposure of N1,065,500,000.00 (One Billion and Sixty-Five Million and Five Hundred Thousand Naira Only).

“That the petitioner is concerned that this may not be an isolated incident but part of a coordinated scheme involving persons who may have acted individually or in concert to unlawfully obtain, transfer, receive, retain, conceal, dissipate or convert the petitioner’s funds. Hence, the need to petition the Commission.

“That upon receipt of the petition and assignment of same to my team, investigation commenced in the earnest. Letters of investigation activities were written and dispatched to several banks, responses were received and analysed according.

“That preliminary investigation carried out so far by my team on the collection account, KORA PAYMENT NETWORK with account number: 2007242714 revealed that between the periods mentioned above, the suspects account received a total sum of N1,065,500,000.00 (One Billion and Sixty-Five Million and Five Hundred Thousand Naira Only) in 9 (nine) tranches on the 18th day of September, 2026. (That on the said EXHIBIT EFCC 2 the said inflows are highlighted in orange colour).

“That preliminary investigation carried out so far by my team revealed that as at the time the said suspect allegedly stole the said fund, they did not have a corresponding sum in their accounts. Hence, the need to freeze the said funds pending investigation and possible prosecution of the individuals involved.

“That as regards the BVN Numbers highlighted in Schedule B to this application, investigation by my team revealed that the holders of the said BVN numbers are the individuals behind YILI FU LIANG TRADING CO. LTD with account number 6700756695 domiciled in FCMB Bank, the said account is only a virtual account tied to a collection account, KORA PAYMENT NETWORK with account number: 2007242714.

“That preliminary investigation on the BVN portal as well as the account opening package had equally revealed that all the individuals behind the said Company are young Nigerian Nationals hiding under the umbrella of the Chinese company. And that there is the need to bring the said individuals in for questioning and also to investigate them.

“That this application is made in order to secure the proceeds in the suspect’s account. And that investigation is still ongoing as regards this fraudulent act of stealing and money laundering.

“That an order of interim attachment by this Honourable Court is required to secure the funds in the said accounts and avoid dissipation of same pending investigation and possible prosecution of the suspects involved, as it will serve the course of justice to grant this application.”

Justice Yelim Bogoro, after carefully listening to the EFCC’s lawyer’s submission, granted the orders sought for as prayed.

The judge thereafter adjourned the matter to January 19, 2027, for a report of investigation.