The Economic and Financial Crimes Commission (EFCC), on Thursday, exposed two large-scale fraud schemes that allegedly drained more than N18.7 billion from over 900,000 Nigerians, revealing how foreign criminal networks, aided by local collaborators and compromised financial institutions, exploited the nation’s financial system.

Speaking during a media briefing in Abuja, the Director of Public Affairs of the EFCC, Commander Wilson Uwujaren, said the Commission began 2026 by consolidating breakthroughs made in 2025, particularly in the investigation of sophisticated fraud schemes that have caused widespread financial devastation across the country.

Uwujaren disclosed that one of the schemes involved a fraudulent airline ticket discount operation that targeted unsuspecting Nigerians, especially foreign travellers.

According to him, the fraudsters advertised heavily discounted tickets of foreign airlines and designed payment platforms that appeared legitimate, convincing victims that payments were being made directly into airline accounts.
He explained that shortly after payments were made, victims’ bank accounts were completely emptied.

Although only seven victims initially reported the case to the EFCC, further investigation revealed that more than 700 people had been defrauded, with losses amounting to N651,097,755.

He said the Commission has so far recovered and returned N33.6 million to affected victims.
Uwujaren explained that the airline fraud scheme was masterminded by a foreign national who recruited young Nigerians and equipped them with laptops and specialised software to compromise the bank accounts of victims.
He added that proceeds from the fraud were converted into cryptocurrency and transferred through digital platforms, including Bybit.

The EFCC spokesperson further revealed another massive fraud involving a fake investment platform operating under the name Fred and Farid Investment Limited, also known as FF Investment, which allegedly defrauded more than 200,000 Nigerians.
He said investigations showed that the syndicate raked in a total of N18,088,901,272.35 through multiple affiliated companies that offered bogus investment packages to the public.

Uwujaren stated that foreign nationals were the masterminds behind the investment fraud, while three Nigerian accomplices have already been arrested and charged to court. He added that one of the principal suspects has been apprehended, while efforts are ongoing to track down other fleeing suspects.

A major concern highlighted by the EFCC was the alleged compromise of Nigeria’s financial system by some banks and fintech institutions. Uwujaren disclosed that one new-generation bank, alongside six fintech and microfinance institutions, failed to observe basic Know Your Customer and customer due diligence procedures, allowing fraud proceeds to move freely through the banking system.
According to him, investigations revealed that N18.74 billion linked to the fraud schemes passed through the financial system without proper scrutiny.

He described as alarming findings showing that cryptocurrency transactions valued at N162 billion were processed through a single new-generation bank without adequate due diligence. He further revealed that a single customer operated as many as 960 bank accounts in another bank, all of which were allegedly used for fraudulent purposes.

Uwujaren called on regulatory authorities, including the Central Bank of Nigeria, to compel financial institutions to fully comply with existing regulations on Know Your Customer, customer due diligence and suspicious transaction reporting.
He warned that banks, fintech companies and microfinance institutions found to be aiding or enabling fraud would face suspension, investigation and possible prosecution by the EFCC.

He stressed that negligence and failure to monitor suspicious and structured transactions should no longer be tolerated, adding that the Commission would soon make public the identities of financial institutions implicated in the schemes once investigations are concluded.

The EFCC also warned Nigerians to be cautious with their personal and banking information, noting that fraudsters often exploit unsuspecting individuals by using their accounts for illicit transactions. Uwujaren disclosed that airlines affected by the fake discount scheme had been invited by the Commission and subsequently issued disclaimers, urging victims to reverse suspicious verification payments linked to the fraud.

He assured that the EFCC would continue to intensify its fight against money laundering and financial crimes, urging financial institutions to strengthen their internal controls to prevent further leakages that undermine the nation’s economy.