EFCC Exposes Bank, Fintech Complicity in ₦18.7bn Investment & Airline Ticket Fraud, Warns of Tough Sanctions
The Economic and Financial Crimes Commission (EFCC) has uncovered massive lapses within Nigeria’s financial system, revealing how banks and fintech companies allegedly enabled fraudulent investment and airline discount schemes that have cost victims a staggering ₦18.74 billion.
The revelation was made in Abuja on Thursday, January 22, 2026, by the EFCC Director of Public Affairs, Commander Wilson Uwujaren, during a detailed media briefing that has sent shockwaves across the financial and regulatory landscape.
EFCC Chairman Ola Olukoyede
Two Sophisticated Scams, One Weak Financial System
According to the EFCC, the losses stem from two coordinated fraud schemes—both exploiting loopholes in banking oversight, weak compliance frameworks, and digital payment channels.
Uwujaren disclosed that one new-generation commercial bank and six fintech and microfinance banks are under scrutiny for allegedly compromising banking protocols, enabling fraudsters to move illicit funds with ease.
“₦18,739,999,027.35 passed through Nigeria’s financial system without adequate customer due diligence,” Uwujaren stated.
Airline Discount Scam: Over 700 Victims Tricked
The first scheme involved a fake airline discount platform designed to deceive unsuspecting Nigerians—especially foreign travellers.
Fraudsters advertised discounted tickets for popular international airlines and created payment portals that appeared legitimate, convincing victims that payments were going directly to airline accounts. Once payment was made, entire bank balances were wiped out within minutes.
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Victims: Over 700
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Total Loss: ₦651,097,755
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Recovered by EFCC: ₦33,628,000
The EFCC warned that foreign actors behind the scheme are now converting stolen funds into cryptocurrency, routing them through platforms such as Bybit to evade detection.
Bogus Investment Scheme: Over ₦18bn Lost
The second and far larger scam involved Fred and Farid Investment Limited (FF Investment), which promised high-yield returns through multiple fake investment packages.
Operating through nine affiliated companies, the scheme defrauded over 200,000 Nigerians, raking in more than ₦18.08 billion.
Uwujaren confirmed that foreign nationals masterminded the operation, working with three Nigerian accomplices, all of whom have been arrested and charged to court.
Shocking Banking Failures Revealed
EFCC Directors Abdulkarim Chukkol (Investigations) and Michael Wetcas (Abuja Zonal Directorate) provided further insight into how financial institutions allegedly failed their regulatory responsibilities.
Key findings include:
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₦162 billion in cryptocurrency transactions passed through a single new-generation bank without proper KYC checks
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One customer operated 960 bank accounts, all allegedly used for fraudulent activities
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Banks and fintechs allegedly helped fraudsters convert stolen funds into digital assets and move them offshore
“These institutions clearly compromised banking procedures,” the EFCC said.
EFCC Exposes Bank, Fintech Complicity in ₦18.7bn Investment & Airline Ticket Fraud, Warns of Tough Sanctions
EFCC Issues Strong Warning to Financial Institutions
The Commission has now called on regulators to enforce mandatory compliance with:
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Know Your Customer (KYC)
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Customer Due Diligence (CDD)
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Suspicious Transaction Reports (STRs)
The EFCC warned that any bank, fintech, or microfinance institution found aiding or abetting fraud will face suspension, investigation, and possible prosecution.
“Negligence and failure to monitor suspicious transactions will no longer be tolerated,” Uwujaren emphasized.
Protecting Nigeria’s Financial System
The EFCC reaffirmed its commitment to combating money laundering, cybercrime, and financial fraud, urging financial institutions to urgently strengthen internal controls and operational frameworks to stop further economic bleed.
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