In what is shaping up to be one of Nigeria’s largest financial crime investigations, the Inspector General of Police (IGP), Kayode Egbetokun, has revealed that the police have recovered assets worth ₦6 billion linked to an alleged ₦21.4 billion money laundering and fraud scheme involving 2,039 bank accounts across 56 financial institutions.
The IGP disclosed this through legal officer Audu Garba of the Police Force Intelligence Department (FID) during an ex parte hearing at the Federal High Court in Abuja on Monday. The court was told that the accounts, reportedly held by companies and cronies used as fronts, were used to move huge sums of money to conceal the origin of the funds—classic hallmarks of money laundering in Nigeria.
Following an earlier order issued on March 4, 2025 (Suit No: FHC/ABJ/CS/335/2025), all implicated accounts had been frozen under a post-no-debit directive. The police are now seeking a 60-day extension of the order to continue investigations and prevent suspects from moving or hiding funds that could still be traced.
Garba told the court that the FID launched a covert nationwide operation shortly after the freeze, which led to multiple arrests and the recovery of properties believed to be proceeds of fraud in Nigeria. Some of the suspects, he added, have confessed and implicated others in the scheme.
“There is still a significant amount of money sitting in those accounts. Unfreezing them now would allow the suspects to vanish the funds and obstruct justice,” Garba argued.
Justice Obiora Egwatu, after reviewing the motion and supporting evidence, granted the police request and extended the freeze for another 60 days, keeping 2,039 accounts under lock while investigations continue.
This case underscores the growing pressure on law enforcement agencies to crack down on financial crime in Nigeria, especially under the Money Laundering (Prevention and Prohibition) Act, 2022, which carries stiff penalties for disguising the origins of illegal wealth and destroying evidence.
A similar high-profile case earlier this year involved the freezing of 21 bank accounts tied to suspicious transactions, further highlighting the scale and sophistication of economic crimes in Nigeria’s banking system.
With more arrests expected and billions still under investigation, this ongoing crackdown marks a significant step in Nigeria’s fight against financial fraud, as the Nigeria Police Force works to recover stolen funds and hold offenders accountable.
