ABUJA: The Economic and Financial Crimes Commission (EFCC) has uncovered the involvement of a new generation bank, six fintech firms and microfinance banks in massive financial frauds that enabled criminals to launder about ₦162 billion through cryptocurrency transactions.

The Commission’s Director of Public Affairs, Mr Wilson Uwujaren, disclosed this on Thursday during a press briefing at the EFCC headquarters in Abuja, revealing how weak controls and compromised procedures within the financial system were exploited by fraud syndicates during the 2024/2025 financial year.

Uwujaren said investigations showed that the affected institutions allowed huge volumes of suspicious transactions to pass through without conducting the required customer due diligence, thereby providing a safe channel for fraudsters to convert illicit proceeds into digital assets and move them out of reach.

According to him, at least ₦18.1 billion was moved through the banking system without proper scrutiny, while cryptocurrency transactions valued at ₦162 billion were processed by a new generation bank with no due diligence whatsoever.

In one striking case, he said a single customer operated as many as 960 accounts in another new generation bank, all allegedly deployed for fraudulent activities.

Describing the findings as alarming, Uwujaren said the EFCC’s intervention had nonetheless yielded some results, with ₦33.62 million recovered and returned to victims of the scams.

He explained that the frauds fell into two major categories.

The first involved an airline ticket discount scheme designed to deceive unsuspecting victims.

Fraudsters advertised discounted tickets for a foreign airline and set up a payment module that made it appear as though payments were going directly to the airline.
Once payment was made, however, the victims’ bank accounts were completely emptied.

Investigations showed that more than 700 people had fallen victim to the scheme, losing a total of ₦651 million.

Uwujaren said the operation was allegedly masterminded by a foreign national, adding that about ₦33 million had so far been recovered and paid back to affected victims.
The second scheme centred on a company, Fred and Farid Investment Limited, popularly known as FF Investment, which lured Nigerians into a fake investment programme.

Uwujaren said over 200,000 victims were defrauded through the scheme, with about ₦18 billion raked in via nine companies offering various so-called investment packages.

The companies named in the investigation include 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 were behind the operations, working with Nigerian accomplices.

Three Nigerians have been arrested and charged to court, while the principal masterminds are currently on the run.
He added that efforts were ongoing to track them down and bring them to justice.

The EFCC spokesman called on financial regulators to enforce strict compliance by banks and other financial institutions with Know Your Customer (KYC), Customer Due Diligence (CDD) and Suspicious Transaction Reporting (STR) requirements.

He warned that deposit money banks, fintechs and microfinance banks found to be aiding or abetting fraud would face suspension, investigation and possible prosecution.

“Negligence and failure to monitor suspicious and structured transactions by banks should no longer be tolerated,” Uwujaren said.

He also urged members of the public to remain vigilant and wary of suspicious investment and payment schemes, assuring that the EFCC would intensify its crackdown on money laundering and financial crimes.

Uwujaren further challenged financial institutions to strengthen their internal controls and operational frameworks, warning that persistent lapses and compromises within the system were bleeding the economy and undermining public confidence.