EFCC Indicts Banks,Fintechs in N18.7bn Fraud Scams

The Economic and Financial Crimes Commission (EFCC) has indicted a new generation bank and six fintechs plus microfinance institutions for enabling fraudsters to siphon N18,739,999,027.35 from over 200,700 Nigerians through airline discount scams and bogus investments . Speaking in Abuja on January 22, 2026, EFCC Public Affairs Director Wilson Uwujaren detailed how these schemes, masterminded by foreign nationals with Nigerian accomplices, exploited banking lapses to convert funds into cryptocurrency via platforms like Bybit ​. While the EFCC recovered N33,628,000 for victims, it warned of ongoing threats as perpetrators launder proceeds abroad ​.

Airline Discount Fraud Exposed

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 . 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 ​.

ADVERTISEMENT

FF Investment Ponzi Scheme Details

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 ​. Banks failed basic Know Your Customer (KYC) and due diligence, allowing seamless fund transfers ​.

EFCC Demands Regulatory Crackdown

The commission 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 ​. EFCC vows relentless pursuit of money launderers to protect Nigerians ​.