EFCC Indicts Banks, FinTechs in N18.7bn Fraud Scams, Vows to Fish Out More Money Launderers, Scammers

By: Olufemi Orunsola

The Economic and Financial Crimes Commission (EFCC), vowing to relentlessly pursue money laundering and protect Nigerians from funds lost to scammers, has indicted a new generation bank and some microfinance banks as well as six fintechs institutions for enabling fraudsters to siphon N18,739,999,027.35 from over 200,700 Nigerians through airline discount scams and bogus investments.

OPEN TELEVISION NAIJA (OTN) News reports as gathered that the Public Affairs Director of the Commision, Wilson Uwujaren made the disclosure while speaking in Abuja on January 22, 2026.

According to him, the indicted financial institutions involvement was masterminded by foreign nationals with Nigerian accomplices, exploited banking lapses to convert funds into cryptocurrency via platforms like Bybit.

He revealed that the EFCC recovered N33,628,000 for victims, but warned of ongoing threats as perpetrators launder proceeds abroad.

The Commissioned revealed that fraudsters pose as foreign airlines offering irresistible ticket discounts, tricking travelers into payments that drain their accounts entirely ​. Over 700 victims lost N651,097,755, with payments routed to look legitimate before funds vanish into microfinance accounts . 

In addition, EFCC Directors Abdulkarim Chukkol and Michael Wetcas highlighted how one bank processed N162 billion in unchecked crypto transactions, including 960 accounts held by a single fraudulent customer 

Meanwhile, the Commission has profiled failed Ponzi schemes that also siphoned funds from Nigerians to include Fred and Farid Investment Limited (FF Investment) and eight linked firms—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—defrauded 200,000 victims of N18,088,901,272.35 ​. Three Nigerian accomplices face court charges, but foreign ringleaders remain at large.

The Commission noted that banks failed basic Know Your Customer (KYC) and due diligence, allowing seamless fund transfers.

The Commission therefore urges regulators to enforce Customer Due Diligence (CDD), Suspicious Transaction Reports (STRs), and suspend complicit banks for EFCC probes . “Negligence in monitoring structured transactions ends now,” Uwujaren stated, calling on financial firms to tighten operations amid economic leakages.