The Economic and Financial Crimes Commission (EFCC) has implicated a new-generation commercial bank, six fintech companies and several microfinance banks in a large-scale financial fraud involving cryptocurrency transactions valued at ₦162 billion.

The disclosure was made on Thursday during a press briefing at the Commission’s headquarters in Abuja by the EFCC’s Director of Public Affairs, Mr. Wilson Uwujaren.

Uwujaren accused the affected but unnamed financial institutions of failing to carry out adequate customer due diligence, thereby allowing fraudsters to launder illicit funds through the financial system during the 2024/2025 financial year. He said the transactions violated established Know-Your-Customer (KYC) and anti-money laundering (AML) regulations.

According to him, EFCC investigations revealed serious weaknesses in internal control systems within the institutions, enabling criminals to convert proceeds of fraud into digital assets and transfer them to undisclosed destinations.

“A total sum of ₦18.1 billion was moved through the financial system without due diligence of customers by the banks,” Uwujaren said. “It is particularly worrisome that cryptocurrency transactions amounting to ₦162 billion passed through a new-generation bank without any form of due diligence.”

He further disclosed that investigators uncovered a case in which a single individual allegedly operated 960 bank accounts within one bank, all linked to fraudulent activities.

Describing the findings as troubling, Uwujaren said EFCC intervention had nonetheless yielded results, with the Commission recovering ₦33.62 million, which has already been returned to some victims.

The EFCC spokesperson explained that ongoing investigations uncovered two major categories of scams linked to the financial institutions.

The first involved an airline ticket discount scheme, in which a syndicate advertised heavily discounted foreign airline tickets. Victims were made to believe payments would be made directly to the airline through a specially designed payment module. However, once payment was completed, the entire funds in victims’ bank accounts were allegedly wiped out.

Uwujaren said more than 700 victims were defrauded under the scheme, with estimated losses of ₦651 million. He added that the operation was allegedly masterminded by a foreign national, while about ₦33 million has so far been recovered and refunded to victims.

The second scheme was linked to a fraudulent investment platform operating as Fred and Farid Investment Limited, popularly known as FF Investment. Uwujaren disclosed that over 200,000 Nigerians were defrauded through the platform, which generated approximately ₦18 billion by offering fake investment packages through multiple companies.

The companies allegedly involved include Credio Banco Limited, Deliberty Rock Limited, Liam Chumeks Global Service, Ngwuoke Daniels Technology, Icons Autos and Import Merchant, Newpace Technology Services Limited, Primepath Ways Ventures Limited, Kaka Synergy Network Limited, and Sunlight Tech Hub Services Limited.

According to the EFCC, the scheme was orchestrated by foreign nationals working with three Nigerian accomplices, who have been arrested and charged to court. The foreign masterminds are currently on the run, with efforts underway to apprehend them.

Uwujaren called on financial regulators to enforce stricter compliance among financial institutions, particularly in the areas of KYC, Customer Due Diligence (CDD) and Suspicious Transaction Reports (STRs). He urged regulators to suspend and hand over to the EFCC any deposit money banks, fintechs or microfinance banks found to be aiding fraudsters for investigation and possible prosecution.

He warned that negligence and failure to monitor structured or suspicious transactions expose the economy to serious systemic risks and must no longer be tolerated.

As part of its broader anti-corruption drive, the EFCC on Wednesday announced the recovery of ₦1.234 billion from Sujimoto Luxury Construction Limited, which has been returned to the Enugu State Government. The recovery followed a petition by the state government after the company allegedly failed to execute a contract for the construction of 22 smart schools, despite receiving over ₦2.28 billion in advance payments.

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Olukoyede, represented by Chief of Staff Commander Michael Nzekwe, said strict adherence to regulations—including robust Know-Your-Customer (KYC) procedures—was essential for safeguarding Nigeria’s financial ecosystem. EFCC investigators also warned about insider abuse, emphasising the need for tighter controls around hiring and internal system access.

Wen said Opay prioritises regulatory compliance, customer satisfaction and revenue growth, adding that compliance remains non-negotiable for the company.

Nigeria’s fintech sector has come under heightened regulatory pressure in recent months. Several major fintechs, including Opay and Moniepoint, were fined by the Central Bank of Nigeria for compliance failures. Earlier this year, the CBN temporarily halted new customer onboarding for multiple fintechs due to concerns over money-laundering risks and illicit foreign-exchange transactions.

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This disclosure was made in a statement issued by the Commission on Friday, warning of a growing syndicate of young Nigerians exploiting citizens’ personal data to perpetuate online fraud.

According to the EFCC, the perpetrators offer unsuspecting individuals as little as ₦1,500 to ₦2,000 in exchange for sensitive identity documents, including NIN registration slips, BVNs, passport photographs, and other forms of identification. The data is then sold to fintech platforms for around ₦5,000 and used to open accounts that facilitate investment scams and other fraudulent financial activities.

“These canvassers call themselves ‘Account Suppliers’ or ‘KYC Group’,” the Commission stated. “They operate nationwide, targeting people willing to part with their information for a small fee.”

The EFCC said the fraudulent accounts created using these credentials are used to bypass Know-Your-Customer (KYC) protocols on fintech platforms, effectively turning them into tools for laundering proceeds from internet fraud and other cybercrimes.

The Commission noted that investigations are ongoing to identify the full scale of the operation and bring the perpetrators and their collaborators to justice.

This development raises fresh concerns over data privacy, digital onboarding processes, and regulatory oversight in Nigeria’s booming fintech sector.

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When Nigeria hosted its maiden National Cybersecurity Conference in Abuja, it did more than convene policymakers and professionals. It marked a watershed moment in the country’s digital journey—a strategic shift from reactive firefighting to proactive cybersecurity planning.

For too long, Nigeria’s tech-driven growth was shadowed by growing cyber threats met with minimal coordination. But the conference, jointly organized by the National Information Technology Development Agency (NITDA) and the Office of the National Security Adviser (ONSA), signaled a new era of assertiveness and strategic clarity.

As National Security Adviser Nuhu Ribadu declared: “We will fight you if you are a bad man wherever you are.” That unflinching statement encapsulates Nigeria’s new tone—cybersecurity is no longer a backroom tech issue. It is now front and center in national security discourse, commanding attention and decisive action.

Cyberattacks in Nigeria have become relentless and indiscriminate, targeting banks, telecoms, startups, public agencies, and educational institutions. The conference brought together stakeholders from the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), the Nigerian Communications Commission (NCC), security agencies, and private sector giants. The message was clear: Nigeria’s digital security is now inseparable from its national security.

What made the conference especially timely was its recognition that cyber threats cannot be fought in silos. Presentations revolved around a central question: How can Nigeria restore public trust in digital systems amid rising online fraud, misinformation, and data breaches? The answer wasn’t firewalls or buzzwords. Instead, it called for a systemic overhaul—new mindsets, infrastructure upgrades, legal reforms, and joint accountability.

The numbers speak volumes. In 2023, Nigeria lost ₦17.67 billion to fraud. By 2024, that figure skyrocketed to ₦52.26 billion—a nearly 200% increase. These are not just statistics. They represent shattered lives, defrauded businesses, and eroded confidence in the digital economy. The impact stretches far beyond formal financial systems, affecting countless Nigerians on informal and unregulated platforms.

Daily, citizens face phishing scams, identity theft, fraudulent apps, and cloned bank accounts. Public institutions are not spared either. Ministries, Departments, and Agencies (MDAs) have reported serious breaches, exposing the fragility of government systems in the absence of strong cybersecurity protocols.

Beyond economic loss, the digital insecurity threatens investor confidence. If users cannot trust banking apps, payment gateways, or government e-portals, then the promise of digital inclusion will give way to widespread digital disillusionment. That is why cybersecurity must be recognized as a national development imperative, not just an IT policy.

A key outcome of the conference was the reaffirmation that no single agency can secure Nigeria’s cyberspace alone. A coordinated, multi-agency response is now required. ONSA brings strategic direction and national security focus. NITDA is central to data protection and capacity building. NCC oversees critical telecom infrastructure. CBN guards the financial system, while EFCC prosecutes financial and cyber fraud. Together, they represent a united front in the evolving digital battlefield.

At the heart of this new architecture is the National Cybersecurity Coordination Centre (NCCC), unveiled during the conference. Designed as a digital defense hub, the NCCC enables real-time monitoring, threat detection, and incident response. It consolidates intelligence from across government and private entities—an essential feature in an era where ransomware attacks can cripple entire ministries in minutes.

Importantly, the NCCC is also a platform for national and international collaboration. It connects with Computer Emergency Readiness Teams (CERTs), digital forensics units, and regulatory agencies. But for this infrastructure to be effective, coordination must go beyond symbolism. It must translate into operational synergy: shared simulations, joint investigations, and instant intelligence exchange.

Private sector involvement is crucial. Financial institutions, telecom providers, fintech startups, and e-commerce platforms are both frequent targets and frontline responders. Yet, cybersecurity often remains buried in IT departments, treated as a cost center rather than a strategic investment. Many companies underreport breaches, lack detection tools, and delay responses.

The conference made it clear: cyber defense must be a shared responsibility. Public-private partnerships must move from token cooperation to robust collaboration. This means threat intelligence sharing, co-designed training programs, and sector-specific security frameworks. Big tech firms should lead with expertise, while small businesses must be empowered with tools, awareness, and incentives.

Despite these steps forward, three pressing challenges remain: cyber insurance, skilled manpower, and indigenous innovation. Nigeria cannot depend solely on foreign technologies to fight sophisticated digital threats. With an estimated 25,000 cybersecurity professionals for a population exceeding 240 million, there is an urgent need for more local talent. This demands investment in education, certification, and R&D.

A secure digital Nigeria is possible, but only through urgency, leadership, and inclusive collaboration. The Abuja conference laid the groundwork, but implementation must follow swiftly. ONSA must coordinate national efforts with clear benchmarks. NITDA, NCC, and CBN must harmonize mandates and reduce overlap. The EFCC must receive tools to investigate and prosecute cross-border cybercrime.

But ultimately, the battle for digital resilience will be won not just in command centers and boardrooms—but in culture. Cybersecurity must become a civic value. It must be embedded in school curricula, professional training, and everyday digital behavior. A digitally secure Nigeria depends not just on policy but on people.

In this digital age, resilience is not just about systems—it’s about trust. And trust must be earned through transparency, vigilance, and shared responsibility. Nigeria has now taken its first major step. The time to act—decisively and collectively—is now.

Shuaib S. Agaka is a tech journalist based in Kano State.

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The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi SAN, on Tuesday unveiled the Joint Case Team on Cybercrimes at a formal ceremony held at the Federal Ministry of Justice, Maitama, Abuja.

Speaking at the launch, Fagbemi emphasized the federal government’s commitment to protecting Nigerians from cyber threats, promising swift justice for perpetrators. “To Nigerians, we are building a system that will protect you, defend your rights, and bring cybercriminals to book,” he declared.

The newly established team brings together key players from various government agencies, including the Nigeria Police Force National Cybercrimes Centre (NPFNCCC), Economic and Financial Crimes Commission (EFCC), Nigeria Financial Intelligence Unit (NFIU), National Agency for the Prohibition of Trafficking in Persons (NAPTIP), Nigeria Computer Emergency Response Team (NgCERT), the Federal Ministry of Justice, and the Federal High Court.

Describing the initiative as “a bold and transformative step in Nigeria’s criminal justice system,” the AGF said it is rooted in a vision of synergy, coordination, and mutual respect among justice institutions. He stressed that cybercrime, being complex and constantly evolving, requires a collaborative and dynamic response involving both investigators and prosecutors from the outset.

“This Joint Case Team was created to remove bureaucratic bottlenecks, ensure seamless strategy alignment, and drive results through shared resources and capacity building,” Fagbemi added.

The event attracted notable dignitaries, including David Hanson, UK Minister of State for Home Affairs, along with representatives from the EFCC, NFIU, and other cybercrime-focused agencies. Fagbemi acknowledged the critical support of international partners such as the UK National Crime Agency, UK Foreign, Commonwealth & Development Office, and the Commonwealth Secretariat, who have contributed IT infrastructure and training resources.

The launch comes amid growing concern over Nigeria’s rising cybercrime profile. A global cybercrime index released earlier this year ranked Nigeria fifth worldwide in terms of cybercrime activity sources—trailing behind Russia, Ukraine, China, and the United States. The index, produced by researchers from Oxford University and the University of New South Wales, highlights Nigeria as a major hotspot for cyber-related offenses.

In 2024, the EFCC reported that cybercrime cost Nigeria over $500 million in losses in 2022 alone. Meanwhile, the U.S. government has established a cybersecurity support office within its Abuja embassy to aid Nigerian efforts.

Adding to the urgency, the Ministry of Foreign Affairs recently raised concerns about rising incidents of cyber slavery targeting Nigerian youths, lured abroad with false job offers in crypto operations, only to be exploited.

With the new Joint Case Team in place, the federal government aims to reverse the tide of cybercrime by ensuring swift and effective prosecution, greater institutional cooperation, and stronger international collaboration.

Would you like this turned into a printable press release format or web article layout?

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A viral report alleging that the Economic and Financial Crimes Commission (EFCC) discovered $800 million, ₦700 billion in cash, and ₦1 trillion worth of drugs at the home of the son of former Kaduna State Governor, Mallam Nasir Ahmed El-Rufai, has been debunked as false by PRNigeria Factcheck. (https://prnigeria.com/2024/12/04/efcc-discover-million/)

The unsubstantiated claim, widely circulated on social media platforms like Facebook, WhatsApp, and blogs such as Nairaland, suggested that the EFCC carried out a surprise raid at the residence in Kaduna. It also alleged a violent confrontation between EFCC operatives and private security personnel, reportedly resulting in the deaths of two officers.

PRNigeria Investigation

To verify the authenticity of the claims, PRNigeria launched an investigation, analyzing digital footprints, media reports, and official statements. The findings revealed several discrepancies and a lack of evidence to support the story:

1. Absence of Key Details: The circulating message did not specify the exact location, date, or names of individuals involved, making it difficult to validate.

2. Digital Footprint Analysis: PRNigeria used relevant keywords to search platforms like Facebook and X (formerly Twitter), as well as social media monitoring tools, but found no credible posts or reports of the alleged confrontation or discovery.

3. No Media Coverage: No reputable news outlets or blogs carried any reports corroborating the claim.

4. EFCC’s Official Handles: A review of EFCC’s website and official social media accounts showed no announcements regarding such a raid or discovery. The EFCC’s recent communications focused on unrelated high-profile recoveries, such as 753 duplexes and other properties in Abuja.

Conclusion

Based on PRNigeria’s findings, the claims about the discovery of cash, drugs, and a confrontation at the home of El-Rufai’s son are baseless. The EFCC has not issued any statement or report confirming such an operation.

PRNigeria categorically concludes that the story is false and advises the public to disregard it as a fabrication.

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As part of efforts towards the transformative journey of strengthening National Security with total commitment to robust cybersecurity measures and digital trust, the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa CCIE has urged the public and private sectors to invest more in the training of cybersecurity professionals, citing that the benefits of securing organisations and processes, far outweighs the cyber-attacks.

The DG made this plea as a Guest Speaker while presenting a paper titled “Alternative to Cybercrime” at the National Cybercrimes Summit 2024, organised by the Economic and Financial Crimes Commission at the Banquet Hall of the Presidential Villa.

The summit, with the theme; Alternate to Cybercrime: Optimising Cyber Skills for National Development,” is a platform that brought together captains of industries, heads of security agencies, traditional and religious leaders to share ideas, expertise and experiences with a focus on enhancing digital skills as strategy to combat cybercrime.

Inuwa emphasised the urgent need to address the growing menace of cybercrime in Nigeria, while proposing alternative paths for Nigeria’s youth and strategies to fortify national cyber resilience.

He detailed the complexities of cybercrime, noting that it is no longer restricted to laptops and desktops but extends to mobile devices, smart TVs, cars, and more, as everything becomes interconnected through technology.

Inuwa outlined five major categories of cybercrime identified by research which are; technical products or services attacks, attacks and extortion, data or identity theft, Scam and Cashing Out or Money Laundering and stated that the financial sector remains the most vulnerable in Africa, with over 3,300 cyber-attacks reported weekly.

While stressing that cybercrime is a global issue that affects every facet of the digital economy, particularly in Nigeria, he said “We are confronted with an urgent reality, Nigeria, a nation with a rich culture, talent and limitless potential is unfortunately grappling with the global menace of cybercrime but today, we are going to look at alternatives to cybercrime.”

Enumerating the underlying factors that trigger cybercrimes such as unemployment, financial incentives and lack of awareness of the legal and moral implications, Inuwa called for a more holistic approach to combating cybercrime, not only through law enforcement but also by offering viable alternatives to those tempted by illegal online activities.

“We need to look at alternatives to cybercrime and the government must focus on digital literacy, skills development, and job creation to steer young Nigerians away from cybercriminality,” he averred.

Inuwa reiterated the importance of providing positive alternatives for Nigerian youth and stressed the potential of the digital economy to create millions of jobs and contribute significantly to Nigeria’s GDP.

The highlight of the event witnessed the first lady of the Federal Republic of Nigeria, Senator Oluremi Tinubu, unveiling and launching the EFCC Rapid Response Centre, a response desk against cybercrime that can be accessed at any time of the day.

Other dignitaries present at the event were the Chairman of the Nigeria Governor’s Forum and Kwara State Governor, AbdulRahman AbdulRazaq, the Katsina State Governor, Dikko Umar Radda, Zamfara State Governor, Dauda Lawal, Sultan of Sokoto, Alhaji Muhammadu Sa’ad Abubakar, Obi of Onitsha, Igwe Alfred Nnaemeka Achebe, the Ooni of Ile Ife who was represented by the Alara of Ilara, Oba Olufolarin Olukayode Ogunsanwo, the President, Christian Association of Nigeria, Dr Daniel Okoh and many others.

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Nigeria’s Economic and Financial Crimes Commission (EFCC) has handed over €5,100 recovered from an online romance scam to the Spanish Ambassador to Nigeria, Juan Ignacio Sell.

The handover took place recently, with EFCC Chairman Ola Olukoyede presenting the money on behalf of the Nigerian government.

The sum, recovered for Spanish citizen Heinz Burchard Einhaus Uchtmann, resulted from collaborative efforts between the EFCC and Spanish law enforcement agencies. While the identity of the fraudster was not disclosed, the EFCC highlighted the significance of international cooperation in tackling cross-border financial crimes.

During the handover, Olukoyede praised Spain’s ongoing support for Nigeria in combating corruption, emphasizing that the recovery demonstrates the strong partnership between the two nations and their law enforcement bodies.

He underscored the growing threat posed by internet crimes, which often involve perpetrators and victims located in different countries.“It has become very imperative for us to understand that financial crimes have become a borderless crime,” Olukoyede said.

“We are resolute to ensure that Nigeria is not made a safe haven for financial criminals and corrupt people.”He also called for greater global cooperation to prevent financial ecosystems from being exploited by criminals.

Olukoyede warned that the resources controlled by global criminal networks now surpass the wealth of many industries, making it vital for governments worldwide to work together to combat these threats.

The EFCC chairman reaffirmed the agency’s commitment to prosecuting those involved in romance scams, noting that such fraudulent activities will not go unpunished.

Romance scams typically involve criminals posing as romantic partners to defraud victims through social media or dating platforms, often extracting money under false pretenses such as medical or legal emergencies.

The EFCC’s latest recovery reinforces its dedication to fighting financial crimes and protecting both Nigerian and international victims.

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Flutterwave, a leading player in the fintech industry, has announced a significant workforce reduction, laying off 24 employees, which represents 3% of its total staff.

The announcement, made recently, is part of a broader strategic restructuring aimed at focusing the company’s efforts on its core enterprise payments and remittance businesses.This move by Flutterwave aligns with a global trend of tech layoffs that began last year and has continued into the first quarter of 2024.

The company’s CEO, Olugbenga Agboola, emphasized that the decision was data-driven and aimed at optimizing resources towards core business operations.

“We have rebuilt the teams to more efficiently utilize the opportunities in these markets,” Agboola said.

“Consequently, we’ve made the difficult decision to support the transition of 24 Wavers, accounting for 3% of our workforce.”

To mitigate the impact of the layoffs on affected employees, Agboola outlined a comprehensive severance package. This includes a minimum of three months’ gross salary, monetization of unused leave days, and access to professional development resources for up to a year.

Additionally, employees will receive three months of free healthcare and continued access to mental health and career coaching services for three months post-transitioning. For those with stock options, an additional vesting period of six months will be provided.

“We hope this softens the impact this sudden transition has on you personally and professionally,” Agboola added.

For the remaining employees, Flutterwave announced a company-wide compensation review. This includes a market-aligned base salary increase for most employees and a new performance-based bonus structure tied to individual and team performance metrics.

Agboola stated that these changes were made in response to recent employee feedback and a thorough analysis of market trends, positioning the company competitively within the industry.

“A thorough market analysis was conducted to ensure that we are competitive within our industry and so a majority of you will see an upward adjustment to your base compensation,” Agboola explained.

“The new discretionary bonus structure will tie directly to individual and team performance and will be based on specific, measurable KPIs that align with our strategic goals.”

Flutterwave’s new compensation structure aims to place junior employees at the 95th percentile and senior employees at the 85th percentile in the market.

Despite the layoffs, Flutterwave is expanding its reach and capabilities. In May, the company received approval in principle for a payment aggregator license from the Bank of Mozambique, allowing it to extend its operations into southern Africa.

Additionally, Flutterwave recently partnered with Nigeria’s Economic and Financial Crimes Commission (EFCC) to build a state-of-the-art Cybercrime Research Center.

The company is also actively hiring for key positions in risk, compliance, engineering, data, and finance to bolster its core operations and is expanding its remittance service, Sendwave, to new markets. Flutterwave remains committed to personalizing its enterprise payment solutions to drive growth and innovation.

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Nigerian fintech giant Flutterwave has partnered with the Economic and Financial Crimes Commission (EFCC) to set up a Cybercrime Research Center in Nigeria.

This initiative, announced in a joint statement, aims to intensify the fight against Internet crime, enhance the security of business transactions, and provide sustainable opportunities for youths across the country.

The partnership was formalized on June 14, 2024, with the signing of a Memorandum of Understanding (MoU) by EFCC Secretary Mr. Mohammadu Hammajoda and Flutterwave CEO Olugbenga Agboola.

The Cybercrime Research Center will be located at the new EFCC Academy, serving as a hub for advanced research, training, and capacity building in the fight against financial crimes.

Key focus areas for the center include:

Advanced Fraud Detection and Prevention: The center will develop and implement cutting-edge technologies to detect and prevent financial fraud. Comprehensive training for law enforcement and industry professionals will be provided to effectively combat modern financial crimes.

Collaborative Research and Policy Development: Joint research initiatives and policy formulation will enhance the understanding and regulation of financial crime. The center will facilitate the exchange of ideas and best practices between the public and private sectors.

Youth Empowerment and Capacity Building: High-end training and research opportunities will be offered to 500 youths, equipping them with the skills needed to excel in the digital economy.

Technological Advancement and Resource Enablement: The center will create a repository of advanced tools, technologies, and resources to support financial crime investigations, including protocols for addressing emerging threats such as cryptocurrency-related crimes.

Commenting on the initiative, Flutterwave’s CEO, Agboola, emphasized the company’s dedication to promoting secure transactions.

“This initiative underscores our commitment to creating a fraud-free financial ecosystem and leading the charge in safeguarding transactions across Africa. We applaud the EFCC’s relentless efforts to combat internet fraud and other illicit activities in the financial sector.”

EFCC Executive Chairman Mr. Ola Olukoyede expressed his appreciation for the partnership, noting, “The EFCC is impressed with the strides and expanse of Flutterwave across Africa.

“This partnership marks a significant leap forward in our efforts to combat financial crimes and ensure a secure financial landscape for Nigerians.

“The Cybercrime Research Center will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes.

“As the payments ecosystem continues to evolve, financial fraud remains a significant challenge, threatening the stability and trust in financial systems.”

The partnership between Flutterwave and the EFCC exemplifies how public-private collaboration can effectively address these issues, paving the way for a more secure and prosperous economy in Nigeria and across Africa.

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