The Economic and Financial Crimes Commission (EFCC) has raised serious concerns over the role of some banks and financial technology firms in two large-scale fraud schemes that have collectively cost Nigerians about ₦18.74 billion. The Commission disclosed this in Abuja on Thursday, January 22, 2026, during a media briefing addressed by its Director of Public Affairs, Commander of the EFCC, Wilson Uwujaren.
Uwujaren revealed that a new-generation bank alongside six fintech and microfinance institutions allegedly failed in their regulatory responsibilities, enabling fraudsters to exploit the financial system. One of the schemes involved fake airline discount offers designed to deceive unsuspecting travellers, particularly those booking flights on foreign airlines. Victims were made to believe payments were being sent directly to airline accounts, only for their bank accounts to be completely drained moments after the transactions.
According to the EFCC, more than 700 victims lost about ₦651 million to the airline discount scam. Although the Commission has recovered and refunded over ₦33.6 million to affected persons, Uwujaren warned that foreign operators behind the scheme are increasingly converting stolen funds into cryptocurrency and moving them offshore through platforms such as Bybit.
The second and more extensive fraud involved Fred and Farid Investment Limited (FF Investment), which allegedly lured Nigerians into fictitious investment opportunities. Investigations showed that over 200,000 victims were defrauded through nine affiliated companies, resulting in losses exceeding ₦18.08 billion. The EFCC said foreign nationals masterminded the operation, working with three Nigerian accomplices who have now been arrested and charged to court.
Providing further details, EFCC Directors Abdulkarim Chukkol and Michael Wetcas described how compromised banking processes made the fraud possible. They disclosed that about ₦18.74 billion moved through the financial system without proper customer verification, adding that cryptocurrency transactions worth ₦162 billion passed through a single new generation bank with no due diligence. In one alarming instance, a single customer reportedly operated 960 accounts within the same bank, all linked to fraudulent activities.