Federal High Court Freezes Jaiz Bank Accounts Linked to Former NNPC GMD Mele Kyari Amid Fraud Investigation

Strategic Insights -

A Federal High Court in Abuja has ordered the temporary freezing of four Jaiz Bank accounts linked to former Group Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kolo Kyari, as part of an ongoing fraud investigation. The Economic and Financial Crimes Commission (EFCC) had sought a 60-day freezing order to complete its investigation, but Justice Emeka Nwite limited the freeze to 30 days, with the option of renewal if necessary. The affected accounts were identified as Jaiz Bank account number 0017922724, in the name of Mele Kyari; account number 0018575055, belonging to Guwori Community Development; and account number 0018575141, belonging to Guwori Community Development Foundation Flood Relief.

Key Takeaways:

  • Four Jaiz Bank accounts linked to former NNPC GMD Mele Kyari were temporarily frozen by a Federal High Court in Abuja due to an ongoing fraud investigation.
  • The Economic and Financial Crimes Commission (EFCC) had sought a 60-day freezing order but was limited to 30 days by Justice Emeka Nwite.
  • The affected accounts are subject to an ongoing probe into alleged misappropriation of funds and criminal breach of trust.
  • Preliminary findings by the EFCC revealed that the accounts were linked to Kyari, who allegedly exploited his role as a contract facilitator to launder illicit funds.
  • The EFCC stressed the need to preserve the funds pending the outcome of its investigation and possible prosecution.
  • The judge adjourned the matter until September 23 for the EFCC to present an update on the investigation.
  • The EFCC has written to Jaiz Bank requesting detailed hard copies of the account records.

Statistics:

  • The total fund suspected to be proceeds of unlawful activity is N661,464,601.50.
  • The investigation is ongoing, with the EFCC awaiting further information from Jaiz Bank.
  • The temporary 'no debit' instruction on the accounts lasted only 72 hours.
  • The accounts are linked to alleged misappropriation of funds and criminal breach of trust.

Sources:

  • EFCC (petition dated April 24 from a group, the Guardian of Democracy and Rule of Law)
  • The Guardian of Democracy and Rule of Law (petition dated April 24 to the EFCC)
  • Jaiz Bank (records of account transactions)
  • Economic and Financial Crimes Commission (supporting affidavit)