The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission has arrested a company representative, M. Kolawole, over an alleged fraud to the tune of N993,247,796.70.
The EFCC disclosed this in a statement issued on its verified X account on Monday.
The anti-graft agency noted that the funds were obtained under the pretext of facilitating foreign exchange transactions.
What they are saying
The EFCC said the arrest of Kolawole, 37, was sequel to a petition submitted to the Commission by Predictus Remit Limited, a subsidiary of Fairmoney Microfinance Bank.
- “The petitioner alleged that Kolawole, alongside the company directors, fraudulently obtained the said sum under the pretext of facilitating a foreign exchange transaction.
- “The funds were allegedly received on November 25, 2025, with the understanding that the dollar equivalent of $675,219.44 would be remitted,” the agency said.
According to the EFCC, preliminary investigations revealed that the suspects allegedly received the funds through a Providus Bank account and, instead of executing the agreed transaction, converted the money into digital currency and diverted it for personal use.
Backstory
The Economic and Financial Crimes Commission (EFCC) earlier in March arrested Mbah Sophina over an alleged fraud involving N19 million and €8,370 linked to a Certificate of Sponsorship (CoS) scheme.
- Operatives of the EFCC Enugu Zonal Directorate arrested the 33-year-old suspect over allegations of criminal breach of trust and obtaining by false pretence under the pretext of helping a victim secure a Certificate of Sponsorship to relocate to the United Kingdom as a caregiver.
- According to the commission, the arrest followed a petition filed by the victim, who alleged that he met the suspect on TikTok in 2024 and informed her of his intention to relocate to the United Kingdom.
The suspect reportedly claimed she was an Assistant Psychologist at Priory Health Unit in Glasgow, Scotland, and that she had contacts who could secure a Certificate of Sponsorship for a fee ranging between €12,000 and €13,000.
What you should know
The EFCC has carried out a series of major operations in tackling financial fraud in Nigeria including making efforts to recover victims’ funds.
Earlier this month, the agency detailed how it returned a total of $225,895 and N62,790,000 to foreign victims of fraud.
- The disclosure was made in a statement on the EFCC’s official X account on March 13, 2026.
- The recovered funds were handed over to victims from the United States and South Africa as part of ongoing efforts to trace and restitute proceeds of cross-border financial crimes.
On March 19, the commission handed over a total sum of N3.9 billion recovered proceeds of fraud to the Nigerian National Petroleum Company Limited (NNPCL).
The anti-graft agency disclosed this in a statement on its X handle.
- The presentation was made on behalf of the Chairman of the Commission, Ola Olukoyede, by the Secretary to the Commission, Mohammed Hammajoda, at a ceremony held at the EFCC headquarters in Abuja.
Hammajoda said the funds were recovered through investigations that led to the uncovering of fraudulent engagements by some actors in the NNPCL.
