EFCC Tackles Banks in N18.7 Billion Fraudulent Investment, Airline Discount Schemes
Abuja, January 22, 2026
The Economic and Financial Crimes Commission (EFCC) has raised the alarm over what it described as negligence and compromise by some banks and Fintech companies in two major fraudulent schemes that have cost victims a total of N18,739,999,027.35.
The alarm was raised in Abuja on Thursday by the Director of Public Affairs of the Commission, Commander of the EFCC, CE Wilson Uwujaren, while addressing journalists on two separate schemes currently being exploited by fraudsters to defraud Nigerians.
According to Uwujaren, investigations revealed that one new generation bank and six Fintech and Microfinance Banks aided fraudsters in carrying out the schemes, which include an airline discount fraud and a large-scale bogus investment operation.
Explaining the first scheme, Uwujaren said it involved airline ticket discount fraud designed to lure unsuspecting victims, especially foreign travelers. He noted that the fraudsters advertise attractive discount offers for flight tickets of foreign airlines, creating a payment module that convinces victims that funds are being paid directly into the airline’s account.
“No sooner the payment is made than the passenger’s entire funds in his bank account are emptied,” Uwujaren said.
He disclosed that over 700 victims have fallen prey to the airline discount scam, losing a total of N651,097,755.00. Although the Commission has successfully recovered and returned N33,628,000.00 to some victims, Uwujaren warned Nigerians to remain vigilant, noting that foreign actors involved in the scheme are converting proceeds of the crime into cryptocurrency and moving the funds to safer destinations through platforms such as Bybit.
The second scheme involved a company identified as Fred and Farid Investment Limited (FF Investment), which allegedly lured Nigerians into fraudulent investment arrangements. Uwujaren revealed that more than 200,000 victims were affected, with a total sum of N18,088,901,272.35 siphoned through nine companies offering various bogus investment packages.
He added that, in all, more than 900 Nigerians were directly fleeced through the connivance of banks, noting that foreign nationals masterminded the schemes with the support of three Nigerian accomplices who have since been arrested and charged to court.
Speaking further on the role of financial institutions, the EFCC Director of Investigations, Abdulkarim Chukkol, and the Acting Director of the Abuja Zonal Directorate, Michael Wetcas, detailed how some banks and Fintechs compromised Nigeria’s financial system.
According to them, the institutions “clearly compromised banking procedures and allowed the fraudsters to convert their proceeds into digital assets and move them into safe destinations.”
They disclosed that a total of N18,739,999,027.35 passed through the financial system without proper customer due diligence. Even more alarming, investigations revealed that cryptocurrency transactions amounting to N162 billion were processed through a single new generation bank without adequate scrutiny.
The EFCC further revealed that one customer maintained 960 accounts in the same bank, all of which were allegedly used for fraudulent activities.
The Commission assured Nigerians that investigations are ongoing and reiterated its resolve to hold all culpable individuals and institutions accountable, while urging financial institutions to strengthen compliance, due diligence, and monitoring systems to prevent future abuse.
