The Economic and Financial Crimes Commission (EFCC) has raised the alarm over alleged negligence and compromise by some banks and fintech companies in two fraudulent schemes that have cost victims a total of N18.74 billion.
The disclosure was made in Abuja on Thursday, January 22, 2026, by the Director of Public Affairs of the Commission, Commander of the EFCC, Wilson Uwujaren, during a media briefing on the schemes, which involve airline ticket discounts and bogus investment packages.
Uwujaren said the first scheme centred on airline discount fraud, where unsuspecting victims were lured with false promotional offers for foreign airline tickets. He explained that fraudsters designed payment platforms to appear as genuine airline accounts, after which victims’ entire bank balances were emptied.
According to him, over 700 victims lost a total of N651.1 million through the airline discount scheme, although the EFCC recovered and returned N33.63 million to some victims. He warned that foreign actors behind the scam were converting proceeds into cryptocurrency and moving them through platforms such as Bybit.
The second scheme involved Fred and Farid Investment Limited, also known as FF Investment, which allegedly defrauded Nigerians through bogus investment arrangements. Uwujaren stated that more than 200,000 victims were affected, with N18.09 billion allegedly raked in through nine companies.
He added that foreign nationals were the masterminds behind the schemes, working with three Nigerian accomplices who have been arrested and charged to court. In total, more than 900 Nigerians were allegedly fleeced through the connivance of compromised financial institutions.
The EFCC Director of Investigations, Abdulkarim Chukkol, and the Acting Director of the Abuja Zonal Directorate, Michael Wetkas, alleged that many financial institutions are compromised. “A new generation bank and six Fintechs and Micro Finance Banks are involved in this. The financial institutions clearly compromised banking procedures and allowed the fraudsters to safely change their proceeds into digital assets and move into safe destinations,” he disclosed.
The Commission called on regulators to enforce strict compliance with Know Your Customer and Customer Due Diligence rules, warning that banks and fintechs found aiding fraudsters should be suspended and prosecuted, while assuring continued action against money laundering and financial crimes.