The Economic and Financial Crimes Commission (EFCC) has raised serious concerns over the role of banks and financial technology firms in two large-scale fraudulent schemes. It says that these schemes have cost Nigerian victims more than ₦18.7 billion.

The EFCC further warns that negligence and regulatory compromise within the financial system are enabling sophisticated financial crimes.

The alarm was raised in Abuja on Thursday, January 22, 2026, by the Director of Public Affairs of the Commission, Commander of the EFCC, Wilson Uwujaren. The Director briefed journalists on the operations of fraud syndicates exploiting weaknesses in banking oversight and digital payment systems.

According to Uwujaren, one new-generation commercial bank alongside six Fintech and microfinance institutions have been implicated. He said they facilitated fraudulent transactions linked to airline discount scams and bogus investment schemes.

Airline Discount Scam Targets Foreign Travellers

The first scheme uncovered by the EFCC involves an elaborate airline ticket discount fraud. It was designed to lure unsuspecting foreign travellers into making payments through deceptive platforms.

Uwujaren explained that the fraudsters advertise discounted flight tickets for international airlines. They use payment modules that convincingly mimic official airline accounts. Once victims make payments, believing they are dealing directly with an airline, their entire bank account balances are swiftly emptied.

The Commission disclosed that more than 700 victims have fallen prey to the scheme, with total losses estimated at ₦651,097,755. While the EFCC has successfully recovered and returned ₦33,628,000 to affected victims, Uwujaren warned that the fraud remains active.

He revealed that foreign actors behind the scheme are converting stolen funds into cryptocurrency. They are transferring them to safer jurisdictions through digital exchanges such as Bybit, complicating recovery efforts.

The second and far larger scheme involves a company identified as Fred and Farid Investment Limited, popularly known as FF Investment. The firm allegedly lured Nigerians into fictitious investment packages, promising attractive returns that never materialised.

According to the EFCC, more than 200,000 Nigerians were defrauded through the operation. They ran investment schemes via nine different companies offering various financial products. The total amount siphoned through the scheme stands at ₦18,088,901,272.35.

Uwujaren noted that foreign nationals masterminded the operation, working with three Nigerian accomplices who have since been arrested and charged to court.

Banks and Fintechs Under Scrutiny

Providing further insight, the EFCC’s Director of Investigations, Abdulkarim Chukkol, and the Acting Director of the Abuja Zonal Directorate, Michael Wetkas, revealed that a new-generation bank and six Fintech and microfinance institutions compromised standard banking procedures.

These lapses allow fraudsters to convert proceeds into digital assets and move them offshore without detection.

“A total sum of ₦18,739,999,027.35 passed through the financial system without proper customer due diligence,” the EFCC said. More troubling, investigations showed that cryptocurrency transactions worth ₦162 billion were processed through a single new-generation bank without adequate Know Your Customer (KYC) checks.

In one extreme case, the EFCC disclosed that a single customer operated 960 accounts within the same bank, all of which were used for fraudulent activities.

“The nation cannot afford a financial system that enables criminal actors to bleed the economy,” he said. He also added that safeguarding Nigeria’s financial integrity is a collective responsibility.