The Economic and Financial Crimes Commission (EFCC) on Thursday revealed how sophisticated fraud syndicates, aided by compromised banks and fintech platforms, allegedly looted tens of billions of naira and left over 900,000 Nigerians financially devastated.
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Briefing newsmen at the commission’s headquarters, the EFCC’s Director of Public Affairs, Commander of the EFCC, CE Wilson Uwujaren, disclosed that investigations carried out by the commission uncovered two massive fraud schemes that have “wreaked havoc” on more than 900,000 Nigerians.
According to the EFCC, one of the schemes involved a well-coordinated airline discount fraud that preyed on unsuspecting travellers, especially Nigerians seeking cheaper international flights.
The fraudsters advertised what appeared to be legitimate airline discount offers linked to foreign carriers.
He explained that victims were led through payment processes carefully designed to look authentic, convincing them that funds were being paid directly into airline accounts.
“But once payment was made, the victims’ bank accounts were completely emptied by simply clicking on a confirmation message the victims sent back to them.”
He said what began with just seven reported cases later unravelled into a far more terrifying reality.
EFCC investigations revealed that over 700 victims had already fallen prey to the scheme, with losses totalling ₦651 billion, out of which only ₦33,628,000 has so far been recovered and returned to victims.
The mastermind, the EFCC revealed, is a foreign national who allegedly recruited young Nigerians, supplied them with laptops and specialised software, and used stolen bank account credentials to execute the fraud.
When asked about the country of the foreign suspect, he said: “We don’t want to let the cat out of the bag because it is an ongoing investigation.
“The stolen funds were swiftly converted into cryptocurrency and moved through the Bybit platform, effectively vanishing across borders.”
Even more disturbing was the exposure of a second scheme operating under the name Fred and Farid Investment Limited (FF Investment).
This scheme, according to the EFCC, lured Nigerians with promises of high-yield investment returns while, in reality, it was a carefully constructed trap that swallowed the savings of over 200,000 victims.
Billions of naira were allegedly siphoned through nine interconnected companies offering fake investment packages, including Credio Banco Limited, Deliberty Rock Limited, Liam Chumeks Global Service, and Ngwuoke Daniels Technology.
Others are Icons Autos and Import Merchant, Newpace Technology Services Limited, Primepath Ways Ventures Limited, Kaka Synergy Network Limited, and Sunlight Tech Hub Services Limited.
Once again, the EFCC said foreign nationals are at the heart of the operation, while three Nigerian accomplices have been arrested and charged to court, and the alleged masterminds remain on the run.
Perhaps the most frightening revelation was the alleged role of financial institutions in enabling the crimes.
The EFCC spokesman disclosed that a new generation bank, alongside six fintech and microfinance institutions, allegedly compromised basic banking procedures, allowing fraud proceeds to be converted into digital assets and quietly moved out of reach.
In one shocking case, the commission revealed that a single customer operated 960 bank accounts in another new generation bank, all allegedly used for fraudulent transactions.
Describing the situation as dangerous and unacceptable, the EFCC called on regulatory authorities to immediately enforce strict compliance with Know Your Customer (KYC) rules, Customer Due Diligence (CDD) requirements, and Suspicious Transaction Reports (STRs).
Uwujaren warned that any deposit money bank, fintech, or microfinance institution found 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,” he said.
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