The Pathfinder
Friday January 23, 2026
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The Economic and Financial Crimes Commission (EFCC) has exposed a massive money laundering network involving a new generation bank, six FinTechs, and several microfinance banks.
The institutions are being accused of bypassing critical banking safeguards to facilitate the laundering of billions in illicit funds.
Wilson Uwujaren, the Commission’s Director of Public Affairs, disclosed these findings during a press briefing at the EFCC headquarters in Abuja on Thursday.
He revealed that compromised institutions allowed cryptocurrency transactions totaling N162 billion to flow through the system without proper due diligence during the 2024/2025 financial year.
Uwujaren slammed the financial institutions for compromising standard procedures, which allowed criminals to convert “ill-gotten gains” into digital assets seamlessly.
“A total sum of N18.1 billion was moved through the financial system without due diligence of customers by the banks,” Uwujaren stated.
“It is worrisome that investigations by the commission showed that cryptocurrency transactions to the tune of N162 billion passed through a new generation bank without any due diligence.”
In one shocking discovery, the EFCC found that a single customer was permitted to operate nearly a thousand accounts for illicit purposes.
“Investigations showed that a single customer maintained 960 accounts in another new bank and all the accounts were used for fraudulent purposes.”
The EFCC categorized the frauds into two sophisticated syndicates. The first involved a “flight ticket” scam that targeted travelers using a foreign carrier’s name.
“The payment module is designed in such a way that the victims’ payment is actually made into the account of the airline. After payment is made the passenger’s entire funds in his bank account are emptied,” Uwujaren explained.
He noted that over 700 victims have lost a combined N651 million to this scheme.
The second major fraud involved Fred and Farid Investment Limited (FF Investment), which allegedly defrauded over 200,000 Nigerians of N18 billion through various shell companies, including: Credio Banco, Limited, Deliberty Rock Limited, Liam Chumeks Global Service, Ngwuoke Daniels Technology, Icons Autos and Import Merchant, Newpace Technology Services Limited, Primepath Ways Ventures Limited, Kaka Synergy Network Limited, and Sunlight Tech Hub Services Limited.
While the EFCC has recovered N33.62 million for some victims, the masterminds, identified as foreign nationals, remain at large. Three Nigerian accomplices have already been charged to court.
Uwujaren issued a stern warning to the financial sector, calling for the suspension of institutions that aid and abet such crimes.
“The Commission is calling on regulatory bodies to bring financial institutions to compulsory compliance with regulations in the areas of Know Your Customers (KYC), Customer Due Diligence (CDD), Suspicious Transaction Reports (STR) and others,” he said. “Negligence and failure to monitor suspicious and structured transactions by banks should no longer be allowed.”
The EFCC urged banks and Fintechs to “firm up their operational dynamics” to prevent the continuous “bleeding” of the Nigerian economy through fraudulent leakages.
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