EFCC arrests company rep over alleged N993 million fraud in Ilorin

[Vicole]

The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission has arrested a company representative, M. Kolawole, over an alleged fraud to the tune of N993,247,796.70.

The EFCC disclosed this in a statement issued on its verified X account on Monday.

The anti-graft agency noted that the funds were obtained under the pretext of facilitating foreign exchange transactions.

 

[Chinyere]

The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission has arrested a company representative, M. Kolawole, over an alleged fraud to the tune of N993,247,796.70.

The EFCC disclosed this in a statement issued on its verified X account on Monday.

The anti-graft agency noted that the funds were obtained under the pretext of facilitating foreign exchange transactions.

This fraud case reflects Nigeria’s FX problem—scarcity and rate gaps create room for arbitrage scams. As long as businesses chase unofficial FX deals, cases like this will persist. Stronger due diligence and better FX liquidity are key to reducing this risk.