₦993m Scam: EFCC grabs company staff as directors go missing

The Economic and Financial Crimes Commission (EFCC) has arrested a company representative over an alleged ₦993,247,796.70 fraud linked to a foreign exchange transaction in Ilorin, Kwara State.

The suspect, Kofoworola Kolawole, 37, was apprehended by operatives of the Ilorin Zonal Directorate of the anti-graft agency following a petition filed by Predictus Remit Limited, a subsidiary of Fairmoney Microfinance Bank.

In a statement posted on its official X handle on Monday, the EFCC said Kolawole allegedly collaborated with two company directors, identified as Duru Ogadima and Talukder Muhammed Khalidur Rahman, who are currently at large, to defraud the firm.

According to the Commission, the suspects, operating through DKK Partners Limited, obtained the funds under the pretext of facilitating a foreign exchange transaction.

“The funds were allegedly received on November 25, 2025, with the understanding that the dollar equivalent of $675,219.44 would be remitted,” the EFCC stated.

Preliminary investigations revealed that the money was paid into a Providus Bank account before being converted into digital currency and subsequently diverted for personal use.

The anti-graft agency said efforts are ongoing to apprehend the fleeing directors and recover the stolen funds.

The case, according to the EFCC, highlights the increasing sophistication of forex and cryptocurrency-related fraud schemes targeting financial institutions in the country.