EFCC Arrests Company Representative Over Alleged N993 Million Forex Fraud In Ilorin

The Economic and Financial Crimes Commission has arrested a company representative, identified as M. Kolawole, over an alleged fraud involving N993.2 million linked to foreign exchange transactions in Ilorin, Kwara State.

The anti-graft agency disclosed that the suspect allegedly obtained the funds under false pretences, claiming to facilitate a foreign exchange deal for a client but failed to deliver on the agreement.

Brandspur Banking News Desk reports that the arrest followed a petition submitted by Predictus Remit Limited, a subsidiary of FairMoney Microfinance Bank, accusing the suspect and other company directors of fraudulent conduct.

According to investigators, the funds were paid on November 25, 2025, with the expectation that the dollar equivalent of $675,219.44 would be remitted. However, preliminary findings indicate that the money was received through a bank account and subsequently diverted.

The commission alleged that instead of executing the transaction, the suspects converted the funds into digital currency and channelled them for personal use, raising concerns over the misuse of financial systems for illicit activities.

The development forms part of a broader crackdown by the EFCC on financial crimes, particularly schemes involving foreign exchange manipulation and digital asset diversion.

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In a related operation earlier in March, the agency arrested another suspect over an alleged fraud linked to a Certificate of Sponsorship scheme, where victims were deceived with promises of relocation opportunities to the United Kingdom.

The EFCC has intensified efforts to combat financial crimes, including the recovery and restitution of stolen funds. Recent disclosures show that the agency has returned significant sums to both local and international victims, reinforcing its commitment to tackling economic and financial offences.

Authorities say investigations into the Ilorin case are ongoing, with efforts underway to identify and apprehend other individuals connected to the alleged fraud.