The Economic and Financial Crimes Commission, through its Ilorin Zonal Directorate, has arrested a company representative, Kofoworola Kolawole, over an alleged fraud involving N993,247,796.70 in Ilorin.
Kolawole, 37, was reportedly taken into custody following a petition filed by Predictus Remit Limited, a subsidiary of Fairmoney Microfinance Bank.
The anti-graft agency disclosed the development in a statement shared on its official X handle on Monday.
According to the EFCC, Kolawole is accused of working in connivance with two company directors to allegedly obtain the funds under the pretence of facilitating a foreign exchange transaction.
The commission identified the other suspects as Duru Ogadima and Talukder Muhammed Khalidur Rahman, both of whom are currently said to be at large. The EFCC also named their company as DKK Partners Limited.
According to the petition, the sum in question was allegedly received on November 25, 2025, with an agreement that the dollar equivalent of $675,219.44 would be remitted as part of the transaction.
However, preliminary investigations by the commission reportedly revealed that the suspects received the funds through a Providus Bank account, converted the money into digital currency and allegedly diverted it for personal use.
The EFCC said investigations into the matter are ongoing as efforts continue to apprehend the other fleeing suspects.
The case adds to growing concerns over the rise of increasingly sophisticated foreign exchange and cryptocurrency-related fraud schemes targeting financial institutions and their subsidiaries in Nigeria.
ELIJAH ADEYEMI
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