More than 300 accounts connected to illegal foreign exchange (FX) transactions have been frozen by the Economic and Financial Crimes Commission (EFCC).

The EFCC’s chairman, Ola Olukoyede, stated in interactive session with media executives in Abuja on Tuesday that the organisation had obtained a court order to freeze the accounts.

We got an order to freeze those accounts imagine what would have happened if we didnt seize those accounts, he said.

The anti-graft chairman said that one of the illicit accounts had up to N50 billion.

The scheme popularly called the P to P peer- peer financial trading scheme has operated outside the official banking and financial corridors and there was a looming disaster that could further crashed the Naira value that has continued to gain.

There are people in this country doing worse than Binance, he said.

He added that over $15bn passed through one of the platforms in the last one year, outside the financial regulations.

This is a developing story¦

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