The Economic and Financial Crimes Commission (EFCC) has arrested a company representative, Kofoworola Motunrayo Kolawole, over an alleged fraud involving nearly one billion naira in Ilorin, the capital of Kwara State.
The EFCC said Kolawole, 37, was arrested by operatives of its Ilorin Zonal Directorate following a petition filed by Predictus Remit Limited, a subsidiary of FairMoney Microfinance Bank.
According to the anti-graft agency, the case involves an alleged sum of ₦993,247,796.70, which the suspects reportedly obtained under false pretence.
Details from the EFCC show that Kolawole and others allegedly convinced the petitioner that they could facilitate a foreign exchange transaction. The agreement, according to investigators, was that the suspects would convert the naira amount into its dollar equivalent and remit the funds.
The transaction, said to have taken place on November 25, 2025, involved an expected remittance of $675,219.44.
However, the EFCC alleged that after receiving the money, the suspects failed to carry out the agreed transaction. Instead, they allegedly diverted the funds for personal use.
The Commission further disclosed that two other individuals linked to the case—Duru Ogadima and Talukder Muhammed Khalidur Rahman—are currently at large. The suspects are said to be directors of DKK Partners Limited, the company involved in the transaction.
Preliminary investigations by the EFCC revealed that the money was paid into an account with Providus Bank. Instead of completing the foreign exchange deal, the suspects allegedly converted the funds into digital currency.
Investigators believe the money was then moved through digital channels and diverted for personal benefit, making it more difficult to trace.
Financial experts say such methods are increasingly being used in fraud cases, as digital currencies can allow quick transfers across borders with limited regulation.
The case highlights growing concerns over financial crimes in Nigeria, especially those linked to foreign exchange transactions and digital finance.
In recent years, the EFCC has intensified its crackdown on fraud, cybercrime and money laundering. The agency has repeatedly warned individuals and companies to exercise caution when entering financial agreements, particularly those involving large sums of money.
Nigeria’s financial system has seen rapid growth in digital banking and fintech services, creating new opportunities for business. However, experts say this growth has also opened doors for fraudulent activities.
The involvement of a fintech-linked company in this case has raised further concerns about the need for stricter checks and monitoring within the financial sector.
The EFCC has stated that investigations are ongoing and that efforts are being made to apprehend the remaining suspects who are still on the run.
Kolawole is expected to face prosecution once investigations are concluded. Under Nigerian law, individuals found guilty of obtaining money under false pretence can face severe penalties, including imprisonment.
The Commission also reiterated its commitment to recovering stolen funds and ensuring that those responsible are brought to justice.
News of the arrest has drawn attention from members of the public, with many expressing concern over the scale of the alleged fraud.
The incident underlines the challenges facing Nigeria’s fight against corruption and financial crime. While agencies like the EFCC continue to make arrests and pursue cases, experts say prevention remains key.
They stress the importance of transparency, accountability and stronger oversight in both traditional banking and emerging financial technologies.