AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
If your bank says the EFCC asked it to freeze your account, the bank should be able to tell you that an agency restriction exists and when it started, but it may not be allowed to discuss any suspicious transaction report behind it. The legal basis is either a stop order of up to 72 hours under section 7(6) of the Money Laundering Act 2022, or a court order (an EFCC Act section 34 freeze needs one); your first steps are a written request to the bank for the date and any suit number, then a lawyer who can obtain the court file or contact the EFCC.
An EFCC freeze does not always mean you are a suspect. Money from an investigated person may have passed through your account, you may have sold goods to someone under investigation, or a fraud victim's money may have reached you. Finding out which is the first job, and it is done in writing.
The legal basis for an EFCC freeze
| Basis | What it allows | Court order needed? |
|---|---|---|
| Money Laundering (Prevention and Prohibition) Act 2022, s7(6) | A stop order 'not exceeding 72 hours' on an account suspected of involvement in unlawful activity | Not for the first 72 hours; s7(8) needs a Federal High Court order to block funds longer |
| EFCC Act, s34(1) | A freeze of an account linked to an offence | Yes. Guaranty Trust Bank v Adedamola (2019) held a freeze without a subsisting court order invalid (Templars) |
The Court of Appeal in UBA v Eje (2022) held that once 72 hours pass without a court order, the stop order lapses and the bank must unfreeze (LawPavilion). So the single most useful fact to establish is whether a court order exists.
What your bank can and cannot tell you
Section 19(1)(a) of the Money Laundering Act 2022 makes it an offence for bank staff to warn or 'in any other way intimate' to the owner of funds that a suspicious transaction report has been made or action taken. That is why staff may be guarded. But the restriction itself is no secret to you once it is applied, and an FCT High Court decision in July 2025 (Paulyn Abhulimen v Zenith Bank, persuasive only) found a bank negligent for failing to notify its customer of a restriction.
Reasonable things to ask for in writing:
- the date and time the restriction was placed
- whether it is an agency instruction, and which agency and office
- the reference on the agency's letter
- whether a court order has been served, and if so the court and suit number
- whether the whole account or a stated amount is affected
First contacts, in order
- Your bank, by email or letter to its customer service or compliance unit, asking the questions above. Keep the acknowledgement.
- A lawyer, ideally one who handles banking or EFCC matters. If a court order exists, the lawyer can obtain it and the supporting affidavit from the Federal High Court registry, which will usually show what the EFCC alleges.
- The EFCC, through your lawyer, at the office named on the bank's information. A lawyer's letter can state who you are, how the money reached you, and ask what the investigators need. Our sources do not give a public EFCC desk for account-freeze enquiries.
- The CBN's Consumer Protection Department, only if the issue is your bank's handling (no response, no information). It cannot lift an EFCC or court freeze.
Why ordinary customers get caught up
The Act's test in s7(6) is that an account or transaction is 'suspected' of involvement in unlawful activity, not that the account holder is accused. In practice that can catch:
- traders and POS operators who receive payments from many strangers
- people who sold goods to a buyer later investigated
- relatives who received money from someone under investigation
- people who let someone else use their account, which can turn them into a suspect
If you let another person route money through your account, say so to your lawyer before anything else; see account used as a mule.
What to prepare while you wait
- statements covering the period of the suspicious transactions
- invoices, contracts, payslips or receipts that explain each large inflow
- chats or emails with anyone who paid you
- your ID and, for a business, CAC documents
Worked example: what the answers tell you
Example only. Funke's bank confirms an EFCC instruction dated 2 June and says no court order has been served. It is now 20 June. Under s7(6), a stop order cannot exceed 72 hours, so the instruction should have lapsed on 5 June unless a Federal High Court order was obtained. Her lawyer writes to the bank asking it to confirm whether any order exists and, if not, to lift the restriction, citing UBA v Eje. If an order turns up, the lawyer instead reads the affidavit and decides whether to engage the EFCC or apply to discharge it.
Next: how to lift an EFCC freeze, how to check if your account is under investigation and, if you are a victim yourself, reporting fraud to the police and EFCC.
Where Pryme fits
Pryme Naira accounts are held by Solid Allianze Microfinance Bank, which must comply with lawful EFCC instructions and court orders. A verifiable statement or receipt from receipts and statements can be checked by investigators as unaltered, which helps when you explain where money came from.
Questions people ask
How do I know if EFCC froze my account?
Ask your bank in writing whether the restriction is an agency instruction, which agency, the date and any court order. Staff may not discuss any suspicious transaction report.
Can EFCC freeze my account without a court order?
Only for up to 72 hours under s7(6) of the Money Laundering Act 2022. A freeze under s34 of the EFCC Act needs a court order, as held in GTB v Adedamola.
Should I go to the EFCC office myself?
It is safer to go through a lawyer, who can obtain any court file first and speak for you.
Does an EFCC freeze mean I am a suspect?
Not necessarily. Money linked to an investigation may simply have passed through your account. The court affidavit, if any, will show what is alleged.
Sources
- Money Laundering (Prevention and Prohibition) Act 2022 – text via RegAlert · accessed Oct 2026
- Templars: Freezing Bank Accounts in Nigeria – Emerging Judicial Trends (19 Nov 2025) · accessed Oct 2026
- LawPavilion: UBA Plc v Eriba Jude-Bela Eje (2022) LPELR-57973(CA), judgment 1 Jul 2022 · accessed Oct 2026
- CBN: Consumer Protection – complaints management · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.