The Economic and Financial Crimes Commission (EFCC) has uncovered two major fraud schemes that allegedly siphoned more than ₦18.7 billion from over 900,000 Nigerians, exposing the role of foreign criminal networks and regulatory lapses within parts of the financial system. Speaking during a briefing in Abuja, EFCC spokesperson Wilson Uwujaren revealed serious compliance failures within the banking system.
According to him in one instance, crypto currency transactions worth ₦162 billion were processed through a bank without adequate scrutiny while other bank reportedly allowed a single customer to operate 960 accounts, all allegedly linked to fraudulent activity. In a related development, the Commission exposed how fraudsters used fake cheap-flight offers to trick unsuspecting Nigerians into revealing their debit and credit card details.
Uwujaren urged the Central Bank of Nigeria (CBN) to strengthen regulatory enforcement and warned that financial institutions found complicit could face investigation and prosecution. He added that the EFCC would soon name institutions implicated in the schemes.
The Commission also advised Nigerians to safeguard their banking information, noting that fraudsters often exploit unsuspecting individuals’ accounts to move illicit funds.
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