The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, has arrested a 37-year-old company representative, Kofoworola Kolawole, over an alleged fraud involving N993,247,796.70 in Ilorin, Kwara State.
Kolawole was taken into custody following a petition filed by Predictus Remit Limited, a subsidiary of Fairmoney Microfinance Bank, over the controversial transaction.
According to the EFCC, the suspect is being investigated for allegedly conspiring with two company directors and their firm to fraudulently obtain the huge sum of money under the pretext of facilitating a foreign exchange deal.
The anti-graft agency said the alleged transaction was carried out on November 25, 2025, with the understanding that the dollar equivalent of the funds, put at 675,219.44 dollars, would be remitted as agreed.
However, the commission said the funds were allegedly diverted instead of being used for the intended foreign exchange transaction.
The EFCC identified the two other suspects linked to the case as Duru Ogadima and Talukder Muhammed Khalidur Rahman, both of whom are currently at large.
The commission also named DKK Partners Limited as the company allegedly involved in the fraudulent deal.
Preliminary investigations by the EFCC revealed that the money was allegedly received through a Providus Bank account before it was converted into digital currency.
Investigators believe the funds were subsequently diverted and allegedly used for purposes outside the transaction for which they were initially collected.
The arrest is part of ongoing efforts by the EFCC to crack down on financial crimes, especially those involving fraudulent investment arrangements, foreign exchange deals, and the misuse of digital financial platforms.
The case has also drawn attention to the increasing sophistication of financial fraud schemes, particularly those involving forex transactions and cryptocurrency channels.
Financial crime investigators say such schemes are becoming more complex, with suspects often using corporate structures, multiple bank accounts and digital assets to conceal the movement of funds.
Authorities say the use of cryptocurrency in suspected fraud cases has become a growing concern, as digital assets can be used to quickly move and obscure large sums of money across different platforms.
The EFCC said investigations into the matter are ongoing and efforts are being intensified to track down the two fleeing suspects and recover the diverted funds.
The commission is also expected to deepen its probe into the activities of the company involved, as well as the financial trail connected to the alleged fraud.
If found culpable, the suspects may face charges related to conspiracy, obtaining by false pretence, money laundering and other financial crimes under Nigerian law.
The arrest adds to a growing number of high-value fraud investigations being handled by the EFCC across the country, as law enforcement agencies continue to monitor suspicious financial transactions involving both traditional banking systems and digital assets.
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