The Economic and Financial Crimes Commission (EFCC) has revealed how some Nigerian banks and fintech firms allegedly enabled a combined air ticket, investment, and cryptocurrency fraud amounting to ₦180 billion due to inadequate oversight and customer checks.
The commission’s spokesperson, Wilson Uwujaren, disclosed this during a briefing on Thursday, stating that hundreds of Nigerians were affected by the fraudulent schemes.
According to Uwujaren, victims lost about ₦18.1 billion to airline ticket and investment scams, while cryptocurrency-related fraud accounted for ₦162 billion of the total losses.
He blamed unnamed Nigerian banks and fintech companies for failing to carry out proper customer due diligence while the fraudulent activities were ongoing.
Uwujaren further revealed that investigations uncovered a case where a single individual allegedly operated 960 accounts in one bank, all reportedly used for fraudulent transactions.
“A total sum of ₦18.1 billion was moved through the financial system without due diligence of customers by the banks,” he said.
“It is particularly worrisome that cryptocurrency transactions amounting to ₦162 billion passed through a new-generation bank without any form of due diligence.”
He added that the EFCC’s intervention had led to the recovery of ₦33.62 million so far, which has already been returned to some of the victims.