- A crypto mining rig is a specialised computer that solves complex math problems to validate transactions and add blocks to a blockchain
- The anti-graft agency, the Economic and Financial Crimes Commission (EFCC), brought the suit to the court on November 28, 2024.
- After receiving the payments, Dimeji Christopher and others failed to deliver the promised return on the investment and did not return the money they received.
A federal high court in Abuja, Nigeria’s capital, has frozen five bank accounts allegedly involved in the diversion of N48 million investment meant to purchase a cryptocurrency mining rig in 2023.
A crypto mining rig is a specialised computer that solves complex math problems to validate transactions and add blocks to a blockchain.
The anti-graft agency, the Economic and Financial Crimes Commission (EFCC), brought the suit to the court on November 28, 2024. Justice Emeka Nwite granted the request, permitting the EFCC to freeze all five accounts.
The EFCC started investigating the fraudulent diversion after it received a petition from Usman Abbas, a lawyer.
According to the petition, per Nairametrics, one Dimeji Christopher and others involved “presented a crypto mining investment opportunity to the complainants with promises of mouthwatering returns, which prompted the complainants to invest a total of N48,000,000 through several payments to various bank accounts provided by the suspects.”
After receiving the payments, Dimeji Christopher and others failed to deliver the promised return on the investment and did not return the money they received.
Arguing why the accounts should be frozen, the EFCC counsel, Sabina M. Dabak, told the court that the money in the accounts is the subject of the agency’s investigation and should, hence, be frozen.
According to the attorney, the case involves a criminal breach of trust and the purported acquisition of funds through deceptive means, adding that until the investigation is finished, the money deposited into the designated accounts—including Meta Consultants Limited's—must be preserved.
According to Austin Elem, an EFCC agent who wrote the affidavit that accompanied the suit, the money that Dimeji Christopher, the Director of Meta Consultants Limited, received from the complainants was meant to be used for the purchase of a mining rig package in accordance with the sales/hosting agreement that both parties signed.
“Investigation so far has revealed that the suspect did not use the funds for the intended purpose but instead disbursed the funds to accomplices and for personal use,” he added.
After granting the agency’s request, Justice Nwite adjourned the case to January 29, 2025.
SEC chair announces resignation, XRP reacts
Meanwhile, TheRadar earlier reported the chair of the United States Securities and Exchange Commission (SEC), Gary Gensler, has announced his resignation effective January 20, 2025.
In a press statement dated November 21, 2024, and published on the SEC website, which Gensler shared on his X account, the SEC chair described the commission as a mission-driven commission focused on protecting investors.
“On January 20, 2025, I will be stepping down as SEC Chair,” he posted. “The SEC is a remarkable agency. The staff & the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors & issuers alike. The staff comprises true public servants.”
