The Economic and Financial Crimes Commission (EFCC) has raised concerns over alleged negligence and compromise by some banks and fintech companies in two major fraudulent schemes that have cost Nigerians a total of N18.74 billion.
The disclosure was made in Abuja on Thursday, January 22, 2026, by the Director of Public Affairs of the Commission, Commander of the EFCC, Wilson Uwujaren, while briefing journalists on the activities of fraudsters operating through airline discount and fake investment schemes.
Uwujaren revealed that one new generation bank and six fintech and microfinance banks allegedly aided fraudsters by allowing their platforms to be used to defraud unsuspecting victims.
He explained that the first scheme involved airline ticket discount fraud, in which fraudsters advertised fake discount offers for flights on foreign airlines. Victims were convinced to make payments through channels designed to appear as official airline accounts. Once payment was made, the fraudsters allegedly gained access to victims’ bank accounts and emptied their funds.
According to the EFCC, more than 700 victims fell prey to the airline discount scheme, losing a total of N651,097,755. The Commission said it had recovered and returned N33,628,000 to some victims but warned that foreign actors behind the fraud were converting stolen funds into cryptocurrency and moving them through platforms such as Bybit.
The second scheme involved a company identified as Fred and Farid Investment Limited, also known as FF Investment, which allegedly lured Nigerians into bogus investment packages. Uwujaren said over 200,000 victims were affected, with fraudsters raking in N18,088,901,272.35 through nine companies offering various fake investment options.
He added that foreign nationals were the masterminds behind the schemes, working with three Nigerian accomplices who have been arrested and charged to court. In total, the EFCC said more than 900 Nigerians were defrauded through the schemes with the connivance of financial institutions.
Further details were provided by the EFCC Director of Investigations, Abdulkarim Chukkol, and the Acting Director of the Abuja Zonal Directorate, Michael Wetkas. They stated that a new generation bank and six fintech and microfinance banks compromised standard banking procedures, enabling fraudsters to convert illicit proceeds into digital assets and transfer them to safer destinations.
According to the EFCC, a total of N18.74 billion passed through the financial system without proper customer due diligence. The Commission also disclosed that cryptocurrency transactions worth N162 billion were processed through a single new generation bank without adequate scrutiny. Investigations further revealed that one customer allegedly operated 960 accounts within the same bank, all linked to fraudulent activities.
The EFCC called on regulatory authorities to enforce strict compliance with Know Your Customer (KYC), Customer Due Diligence (CDD), Suspicious Transaction Reports (STRs) and other regulatory requirements. It urged regulators to suspend and refer any financial institution found aiding fraudsters to the EFCC for investigation and possible prosecution.
Uwujaren warned that negligence and failure by banks and fintechs to monitor suspicious and structured transactions would no longer be tolerated, assuring that the Commission remains committed to combating money laundering and financial crimes.
He also urged financial institutions to strengthen their internal controls and operational systems to prevent further economic leakages and protect the integrity of Nigeria’s financial sector.
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