The Economic and Financial Crimes Commission (EFCC) has revealed how Nigerian banks, including fintech firms, allegedly enabled a combined air ticket, investment, and cryptocurrency fraud totaling ₦180 billion due to inadequate oversight and checks.
The commission’s spokesperson, Wilson Uwujaren, disclosed this during a briefing on Thursday, noting that hundreds of Nigerians were affected by the fraudulent schemes.
According to Uwujaren, victims lost N18.1 billion to airline ticket and investment scams, while cryptocurrency-related fraud accounted for N162 billion of the total losses.
He blamed unnamed Nigerian banks and fintech companies for failing to carry out adequate customer due diligence while the fraudulent activities were ongoing.
Uwujaren further revealed that investigations uncovered a case in which a single individual allegedly operated 960 accounts within one bank, all reportedly used for fraudulent transactions.
“A total sum of N18.1 billion was moved through the financial system without due diligence of customers by the banks.
“It is particularly worrisome that cryptocurrency transactions amounting to N162 billion passed through a new-generation bank without any form of due diligence.
“The good news is that following our intervention, the Commission has been able to recover N33.62 million, which has already been returned to some of the victims,” he added.
