The Economic and Financial Crimes Commission (EFCC) has raised the alarm over what it described as negligence and compromise by some banks and financial technology companies in two major fraud schemes that have cost victims a total of ₦18.74 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 operations of fraudsters exploiting weaknesses in Nigeria’s financial system.
Uwujaren said investigations revealed that one new-generation bank, alongside six Fintech and microfinance banks, aided fraudsters—either through negligence or active compromise—in defrauding Nigerians through airline discount and bogus investment schemes.
According to him, the first scheme involved airline ticket discount fraud, in which criminals advertised fictitious discounted tickets for a foreign airline. Victims were deceived into making payments through platforms designed to appear as official airline accounts. Once payment was made, however, the fraudsters emptied the victims’ entire bank balances.
Uwujaren disclosed that more than 700 victims fell prey to the airline discount scam, losing a total of ₦651.1 million. He said the Commission had so far recovered and returned ₦33.63 million to some victims but warned Nigerians to remain vigilant, noting that foreign actors involved in the scheme were converting stolen funds into cryptocurrency and moving them to offshore platforms, including Bybit.
The second and larger scheme involved a company identified as Fred and Farid Investment Limited, also known as FF Investment, which lured Nigerians into fraudulent investment arrangements. Uwujaren said over 200,000 victims were affected, with fraudsters raking in ₦18.09 billion through nine companies offering various fictitious investment packages.
He added that foreign nationals were behind the schemes, working with three Nigerian accomplices who have since been arrested and charged to court.
Providing further details, the Director of Investigations, Abdulkarim Chukkol, and the Acting Director of the EFCC’s Abuja Zonal Directorate, Michael Wetcas, said investigations exposed serious breaches of banking regulations by the implicated financial institutions.
They disclosed that ₦18.74 billion was moved through the financial system without proper customer due diligence. According to the EFCC, cryptocurrency transactions amounting to ₦162 billion passed through a single new-generation bank without adequate scrutiny, while one customer was found to be operating 960 accounts in the same bank, all allegedly linked to fraudulent activities.
The Commission called on financial sector regulators to enforce strict compliance with Know Your Customer (KYC), Customer Due Diligence (CDD), Suspicious Transaction Reports (STRs) and other anti-money laundering requirements.
It warned that deposit money banks, Fintechs and microfinance banks found to be aiding or abetting fraud would face suspension, investigation and possible prosecution. The EFCC stressed that negligence and failure to monitor suspicious or structured transactions would no longer be tolerated.
Uwujaren reaffirmed the Commission’s commitment to combating money laundering and financial crimes, urging financial institutions to strengthen their internal controls to prevent further leakages that undermine the nation’s economy.
