EFCC Nabs Firm Rep Over Alleged ₦993m FX Scam in Ilorin

​ILORIN – The Economic and Financial Crimes Commission (EFCC) has intercepted a massive cross-border financial fraud scheme, arresting a 37-year-old company representative linked to the disappearance of nearly ₦1 billion.

​Operatives from the Ilorin Zonal Directorate took Kofoworola Motunrayo Kolawole into custody following a petition by Predictus Remit Limited, a subsidiary of Fairmoney Microfinance Bank. The suspect is accused of being a key player in a ₦993,247,796.70 swindle involving a botched foreign exchange transaction.

​The “Ghost” Dollar Remittance

​According to investigators, the complainant alleged that Kolawole, acting alongside her firm, DKK Partners Limited, and two directors—Duru Ogadima and Talukder Muhammed Khalidur Rahman—obtained the funds under the pretext of facilitating a major currency swap.

​The transaction, initiated on November 25, 2025, was supposed to see the ₦993 million converted into $675,219.44 for international remittance. However, the dollars never arrived.

​Digital Diversion

​Preliminary EFCC findings suggest a sophisticated attempt to mask the paper trail. Rather than executing the FX trade through official channels, the suspects allegedly funneled the money into a Providus Bank account before rapidly converting the entire sum into digital currencies.

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​”The funds were diverted for personal use through crypto-assets to bypass traditional banking oversight,” a source close to the investigation revealed.

​While Kolawole remains in custody assisting with the probe, her co-conspirators, Ogadima and Rahman, are currently at large. The EFCC has intensified efforts to track the fleeing directors and recover the diverted assets.