The High Court in Adentan has ordered the unfreezing of bank accounts belonging to Sesi-Edem Company Limited, ruling that the Economic and Organised Crime Office (EOCO) acted outside its legal mandate.
The decision follows an application challenging EOCO’s freezing of the company’s accounts in November and December 2025, after a petition by JG Resources Ltd.
In its ruling, the court said the dispute between Sesi-Edem and JG Resources arose from a private commercial agreement and did not involve fraud or money laundering.
It held that the matter was purely contractual and therefore outside EOCO’s jurisdiction.
The court further ruled that EOCO abused its powers by freezing the company’s accounts and described its actions as legally unsustainable.
The court noted that the company was still within the agreed delivery period under a Sale and Purchase Agreement and was not in breach of contract.
They added that any disagreements over the contract should be resolved through the civil courts.
On regulatory issues, the court found that Sesi-Edem was authorised to trade in gold at the time of the transaction, operating under directives issued during a transition to a new regulatory regime.
The court also criticised EOCO for failing to obtain judicial approval within the required 14 days after issuing its initial freezing order in November 2025.
It said the agency reissued the order in December without disclosing the earlier action and later secured confirmation through an ex parte process, denying the company an opportunity to respond.
The court declared the reissued order invalid and the extended freezing of the accounts unlawful.
It added that state investigative powers should not be used to settle private commercial disputes.
The ruling follows separate court orders obtained by Sesi-Edem in December 2025 to protect funds allegedly obtained through a forged agreement involving its name.
