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Banks (Finance)

Federal High Court Freezes Jaiz Bank Accounts Linked to Ex-NNPCL CEO Mele Kyari

Strategic Insights

— 2 min read

The Federal High Court in Abuja has ordered the temporary freezing of four Jaiz Bank accounts linked to the former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, over allegations of fraud and money laundering. The Economic and Financial Crimes Commission (EFCC) had petitioned the court, citing suspicious inflows amounting to N661,464,601.50 in the accounts allegedly controlled by Kyari. The EFCC is probing Kyari for conspiracy, abuse of office, criminal breach of trust, and money laundering, following a petition submitted by a civic group, Guardian of Democracy and Rule of Law, on April 24, 2025. The freezing order, granted by Justice Emeka Nwite, is pending the conclusion of investigations and possible prosecution.

Key Takeaways:

  • The Federal High Court has ordered the temporary freezing of four Jaiz Bank accounts linked to Mele Kyari, ex-CEO of the Nigerian National Petroleum Company Limited.
  • The Economic and Financial Crimes Commission (EFCC) alleges that suspicious inflows totaling N661,464,601.50 were made into the accounts, which are allegedly controlled by Kyari.
  • The EFCC is investigating Kyari for conspiracy, abuse of office, criminal breach of trust, and money laundering, following a petition submitted by Guardian of Democracy and Rule of Law.
  • The account freeze is pending the conclusion of investigations and possible prosecution, with the court adjourning the case until September 23 for a progress report.
  • The affected accounts include those operated in Kyari's name, as well as two belonging to the Guwori Community Development Fund and Guwori Community Development Foundation Flood Relief.
  • EFCC investigator Amin Abdullahi alleged that the accounts were managed by Kyari and some family members, who acted as fronts, while several oil companies and contractors made payments into them during his tenure.

Statistics:

  • N661,464,601.50: The total amount of suspicious inflows allegedly made into the accounts linked to Mele Kyari.
  • 72 hours: The duration of the temporary no-debit restriction placed by Jaiz Bank on the accounts, necessitating the court order.
  • April 24, 2025: The date on which a civic group, Guardian of Democracy and Rule of Law, petitioned the EFCC regarding alleged wrongdoing by Kyari.
  • September 23: The date set for a progress report on the case in the Federal High Court.

Sources:

  • The Guardian of Democracy and Rule of Law: A civic group that petitioned the EFCC regarding alleged wrongdoing by Mele Kyari.
  • The Economic and Financial Crimes Commission (EFCC): The agency that filed the ex parte motion and presented evidence against Kyari.
  • Federal High Court in Abuja: The court that granted the temporary freezing order of the Jaiz Bank accounts linked to Mele Kyari.

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