EFCC's Director of Public Affairs, Wilson Uwujaren, disclosed this during a briefing in Abuja, where he exposed widespread negligence in Nigeria's financial system. Investigations revealed that a new-generation bank allowed ₦162 billion in cryptocurrency transfers without proper checks, while a single customer operated 960 fraudulent accounts within the same bank.
Fintech companies and microfinance banks were also implicated for bypassing critical banking safeguards, including Know Your Customer protocols and due diligence checks. These lapses enabled criminals to convert stolen funds into digital assets and move them out of the country undetected.
The ₦18.7 billion fraud involved two major schemes. The first was an airline discount scam where fraudsters posed as travel agents, offering fake flight ticket discounts to unsuspecting travelers. Victims who made payments had their entire bank accounts emptied, resulting in losses exceeding ₦651 million. The EFCC managed to recover and return ₦33.63 million to some victims.
The second scheme was operated by a company named Fred and Farid Investment Limited, which lured over 200,000 Nigerians into a fake investment program, stealing ₦18.1 billion. Foreign nationals masterminded the fraud, with three Nigerian accomplices already arrested and charged in court.
Uwujaren warned Nigerians to be cautious of too-good-to-be-true offers and urged financial regulators to enforce stricter compliance measures. The EFCC continues its efforts to track down fraudsters and recover stolen funds.
