The Economic and Financial Crimes Commission (EFCC) has implicated a new generation bank, six Fintechs, and several microfinance banks in major financial scams, accusing them of enabling fraudsters to launder huge sums of money.
At a press briefing in Abuja on Thursday, EFCC Director of Public Affairs, Mr. Wilson Uwujaren, said the institutions allegedly allowed cryptocurrency transactions worth N162 billion to pass through without proper due diligence during the 2024/2025 financial year. He added that N18.1 billion was moved through the financial system without proper customer verification.
Uwujaren disclosed that investigations revealed one customer maintained 960 accounts across a single bank, all used for fraudulent purposes. However, the commission has so far recovered N33.62 million, which has been returned to victims.
The EFCC identified two major scam schemes. The first involved a syndicate using an airline discount scam to trick victims into transferring funds, leading to losses of N651 million across more than 700 victims. Investigators traced the scheme to a foreign national, with N33 million already recovered and returned to victims.
The second scam involved a company, Fred and Farid Investment Limited (FF Investment), which defrauded Nigerians through bogus investment packages. Over 200,000 victims lost a total of N18 billion via 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
- Sunlight Tech Hub Services Limited
Uwujaren said foreign nationals masterminded these scams, while three Nigerian accomplices have been arrested and charged to court. He warned that the main perpetrators remain at large.
The EFCC called on regulatory bodies to enforce strict compliance with Know Your Customer (KYC), Customer Due Diligence (CDD), and Suspicious Transaction Reports (STRs) across banks and fintechs. He added that negligent institutions should face suspension and prosecution for aiding fraudsters.
Uwujaren urged financial institutions to strengthen operational controls to curb economic losses, while cautioning the public to remain vigilant against such fraudulent schemes.