Court Imposes Post-No-Debit Order on Over 30 Bank Accounts Tied to Dave Kubak Construction in Alleged N310m Ikoyi Property Fraud
The Federal High Court in Abuja has ordered 13 commercial banks and one fintech platform to freeze over 30 bank accounts allegedly linked to Dave Kubak Construction, Yele Kufeji, and others in connection with an ongoing investigation into an alleged N310 million property fraud.
Justice Emeka Nwite issued the order on Wednesday after hearing an ex parte application filed by the legal team representing the Inspector General of Police (IGP). The motion, marked FHC/ABJ/CS/1515/2025, sought a post-no-debit directive—allowing only inflows—on the specified accounts while investigations continue.
The named respondents include Yele Kufeji, Chisom Olisaemeka, Femi Adewumi, Dave Kubak Private Investment Limited, Kufeji Akinleye Oluseyi, and Dave Kubak Consult. The accounts affected belong to entities such as Dave Kubak Construction, Dave Kubak Energy, and Akinyele Oluseyi Kufeji.
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According to the motion filed by Wisdom Madaki, of the Force Headquarters’ Directorate of Legal Services, the IGP also requested that the banks furnish investigators with certified true copies of all account statements from January 2024 to date, as well as Bank Verification Numbers (BVNs) tied to the accounts.
The police allege that the respondents obtained N310 million from a complainant, Mr. Ayodeji Oyetunde Faji, under the false pretense of selling a property located at House No. 4, Plot 2A, Reeve Road, Ikoyi, Lagos. Madaki claimed that while Yele Kufeji is the Managing Director of Dave Kubak Construction, the second respondent, Olisaemeka, posed as the property owner—even though the property had already been sold to another buyer.
He argued that the freezing of the accounts was crucial to prevent interference with the investigation and to preserve potential evidence.
During Wednesday’s hearing, Madaki requested a 90-day freeze on the accounts. However, Justice Nwite granted a 60-day order instead, emphasizing the need to balance investigative interests with due process.
The judge ruled that the application had merit based on the submissions and affidavit evidence presented by the police. The matter has been adjourned to September 29 for further proceedings.
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