…Over 200,000 victims reportedly conned via bogus investments
…Investigations reveal 960 accounts controlled by a single fraudste
Daud Olatunji
The Economic and Financial Crimes Commission (EFCC) has indicted a new generation bank, six fintech companies, and several microfinance banks for allegedly facilitating massive financial crimes that allowed fraudsters to launder billions of naira through Nigeria’s financial system.
At a press briefing in Abuja on Thursday, the commission’s Director of Public Affairs, Wilson Uwujaren, said the implicated institutions enabled transactions totalling N18.7 billion to pass unchecked, while cryptocurrency deals worth N162 billion were processed in violation of basic banking procedures during the 2024/2025 financial year.
Uwujaren disclosed that investigators uncovered cases in which a single customer operated as many as 960 accounts in one bank, all allegedly used for fraudulent purposes.
“It is worrisome that cryptocurrency transactions worth N162 billion passed through a new generation bank without any form of due diligence. A total of N18.1 billion was also moved through the system unchecked,” Uwujaren said.
He explained that the frauds were largely executed through two major schemes. The first involved an airline ticket discount racket, in which unsuspecting victims were lured into making payments allegedly routed to a foreign airline, only for their bank balances to be wiped out.
Over 700 victims reportedly lost about N651 million in the scheme, masterminded by a foreign national. About N33 million has so far been recovered and refunded to victims.
The second scheme, operated by Fred and Farid Investment Limited (FF Investment), involved bogus investment packages that allegedly swindled more than 200,000 Nigerians of about N18 billion through nine companies, including Credio Banco Limited, Deliberty Rock Limited, Liam Chumeks Global Service, Ngwuoke Daniels Technology, Icons Autos and Import Merchant, Newpace Technology Services Limited,
Primepath Ways Ventures Limited, Kaka Synergy Network Limited, and Sunlight Tech Hub Services Limited.
Uwujaren said foreign nationals orchestrated the schemes, while three Nigerian accomplices have been arrested and charged to court. The main suspects, he added, are still at large.
The EFCC called on financial regulators to enforce strict compliance with Know Your Customer (KYC), Customer Due Diligence (CDD), and Suspicious Transaction Reporting frameworks.
Uwujaren warned that financial institutions found aiding fraudsters could face suspension and prosecution.
“Negligence and failure to monitor suspicious and structured transactions by banks and fintechs should no longer be tolerated,” he said, urging the public to remain vigilant as the commission intensifies efforts to curb money laundering and protect Nigeria’s financial system from abuse.
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