EFCC Fingers Banks, Fintechs in Massive ₦162bn Crypto Fraud

The Economic and Financial Crimes Commission (EFCC) has implicated a new-generation commercial bank, six fintech companies, and several microfinance banks in a large-scale financial fraud involving cryptocurrency transactions valued at ₦162 billion.

The disclosure was made on Thursday during a press briefing at the Commission’s headquarters in Abuja.

Speaking at the briefing, EFCC Director of Public Affairs, Mr. Wilson Uwujaren, accused the affected financial institutions—whose names were not disclosed—of failing to carry out adequate customer due diligence, thereby allowing fraudsters to launder illicit funds through the financial system.

According to Uwujaren, investigations revealed that the compromised institutions processed suspicious transactions during the 2024/2025 financial year, in clear violation of Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations.

What the EFCC is saying

Uwujaren said the Commission uncovered significant weaknesses in internal controls across the affected institutions, which enabled criminals to convert proceeds of fraud into digital assets and move them to undisclosed destinations.

“A total sum of ₦18.1 billion was moved through the financial system without due diligence of customers by the banks,” he said.

“It is particularly worrisome that cryptocurrency transactions amounting to ₦162 billion passed through a new-generation bank without any form of due diligence.”

He further disclosed that the EFCC discovered a case in which a single individual operated 960 bank accounts within one institution, all allegedly linked to fraudulent activities.

Describing the development as disturbing, Uwujaren added that the Commission has so far recovered ₦33.62 million, which has already been returned to some of the victims.

Two major fraud schemes uncovered

Uwujaren explained that investigations uncovered two major categories of fraud linked to the financial institutions.

1. Airline ticket discount scam

The first scheme involved a syndicate that defrauded victims through a fake airline ticket discount platform.

According to the EFCC, the syndicate advertised heavily discounted tickets for a foreign airline and convinced victims that payments would be made directly to the airline.

“The payment module was designed in such a way that the victims’ payments appeared to be credited to the airline,” Uwujaren said.
“However, once payment was completed, the entire funds in the victims’ bank accounts were wiped out.”

Investigations revealed that over 700 victims were defrauded under the scheme, with estimated losses of ₦651 million.

Uwujaren disclosed that the operation was allegedly masterminded by a foreign national, adding that about ₦33 million has been recovered and refunded to victims so far.

2. Fake investment platform

The second scheme involved a fraudulent investment operation trading under the name Fred and Farid Investment Limited, popularly known as FF Investment.

Uwujaren revealed that more than 200,000 Nigerians were defrauded through the scheme, which generated approximately ₦18 billion by offering fake investment packages via multiple fronts.

The companies allegedly used 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

Sunlight Tech Hub Services Limited

According to the EFCC, the scheme was orchestrated by foreign nationals working with three Nigerian accomplices, who have since been arrested and charged to court. The foreign masterminds are currently on the run, with efforts underway to apprehend them.

EFCC warns financial institutions

Uwujaren called on financial regulators to enforce stricter compliance across the financial sector, particularly in the areas of KYC, Customer Due Diligence (CDD), and Suspicious Transaction Reports (STRs).

He urged regulators to suspend and hand over to the EFCC any Deposit Money Banks, fintechs, or microfinance banks found to be aiding or abetting fraud for thorough investigation and possible prosecution.

He stressed that negligence in monitoring structured or suspicious transactions must no longer be tolerated, warning that such lapses expose the economy to systemic financial risks.

What you should know

As part of its ongoing anti-corruption efforts, the EFCC on Wednesday announced the recovery of ₦1.234 billion from Sujimoto Luxury Construction Limited, which has been returned to the Enugu State Government.

The recovery followed a petition by the state government after the company failed to execute a contract for the construction of 22 smart schools, despite receiving over ₦2.28 billion in advance payments.