The Economic and Financial Crimes Commission (EFCC) has uncovered widespread lapses within Nigeria’s financial system, revealing how commercial banks, fintech companies and microfinance banks facilitated the laundering of ₦162 billion through cryptocurrency transactions and ₦18.7 billion in fraud proceeds without proper due diligence.
The anti-graft agency disclosed that the failures by these financial institutions enabled fraudsters—many of them foreign nationals—to move illicit funds, convert them into digital assets and transfer the proceeds offshore. Investigations also revealed that more than 900,000 Nigerians fell victim to various scam schemes.
Naija News reports that the disclosure was made on Thursday, January 22, 2026, in Abuja during a media briefing by the EFCC’s Director of Public Affairs and Commander of the Commission, Wilson Uwujaren, who outlined major breakthroughs recorded at the start of the agency’s 2026 operations.
Uwujaren said several financial institutions deliberately ignored Know Your Customer (KYC) and Customer Due Diligence requirements, creating loopholes that were exploited by organised fraud networks.
Fake Airline Ticket Scam Uncovered
According to the EFCC spokesperson, one of the exposed schemes involved a syndicate that operated a fake airline ticket discount platform to defraud unsuspecting foreign travellers.
He explained that the fraudsters designed deceptive payment channels that closely resembled legitimate airline payment systems, misleading victims into believing they were paying directly to airlines.
“The payment module is designed in such a way that victims are convinced that payments are made into airline accounts. Once the payment is completed, the entire funds in the victim’s bank account are wiped out,” Uwujaren said.
Although only seven victims initially reported the incident, further investigations showed that over 700 victims were affected, with total losses estimated at ₦651.1 million. The EFCC has so far recovered and returned ₦33.6 million to victims.
Uwujaren disclosed that the scheme was coordinated by a foreign national who recruited young Nigerians, provided them with laptops and specialised software, and used compromised bank accounts to execute the fraud. The proceeds were later converted into cryptocurrency and transferred through the Bybit platform.
₦18.1bn Investment Scam Affects 900,000 Nigerians
The EFCC also uncovered a large-scale investment scam involving a fraudulent investment firm that lured Nigerians with fake investment opportunities.
Uwujaren revealed that more than 900,000 Nigerians were defrauded, with a total of ₦18.1 billion generated through nine companies posing as legitimate investment platforms.
Investigations showed that foreign nationals masterminded the operation, while three Nigerian collaborators have been arrested and charged to court. He added that efforts were ongoing to apprehend other suspects who are currently on the run.
Banks, Fintechs Failed Due Diligence
A major concern raised by the EFCC was the active role of financial institutions in facilitating the movement of illicit funds.
Uwujaren disclosed that a new-generation commercial bank, alongside six fintech and microfinance banks, compromised standard banking procedures, allowing fraud proceeds to pass through the financial system unchecked.
“A total sum of ₦18.7 billion was moved through the financial system without due diligence by the banks,” he said.
He further described as alarming the discovery that cryptocurrency transactions worth ₦162 billion passed through a new-generation bank without adequate scrutiny. In another case, a single customer was allowed to operate 960 bank accounts, all allegedly used for fraudulent activities.
Uwujaren warned that regulatory authorities must enforce strict compliance across the financial sector, stressing that institutions found to be aiding or abetting fraud would face sanctions, investigation and possible prosecution.
“Deposit money banks, fintechs and microfinance banks found to be aiding fraudsters should be suspended and referred to the EFCC for thorough investigation and possible prosecution,” he said.
He added that negligence and failure to monitor suspicious transactions would no longer be tolerated, urging financial institutions to immediately strengthen internal controls to curb financial crimes draining the nation’s economy.