The Economic and Financial Crimes Commission (EFCC) has accused a new generation bank and six Fintech and microfinance institutions of enabling fraudsters to move a combined N18.7 billion in two major scams targeting both Nigerians and foreign travelers.
Speaking in Abuja on Thursday, January 22, 2026, the EFCC’s Director of Public Affairs, Commander CE Wilson Uwujaren, said the Commission was alarmed by what it described as negligence and compromise within parts of Nigeria’s financial system.
According to Uwujaren, the first scheme involved an airline discount fraud in which criminals advertised fake flight ticket discounts for a foreign carrier. Victims were tricked into paying through channels that appeared to credit the airline, only to discover that their bank accounts had been emptied shortly after.
More than 700 victims reportedly lost N651 million to the scam. The EFCC said it recovered N33.6 million for some victims, but warned that the proceeds were quickly converted into cryptocurrency and moved offshore through the Bybit exchange.
The second operation was tied to a company known as Fred and Farid Investment Limited (FF Investment), which allegedly collected funds from more than 200,000 Nigerians through bogus investment offerings linked to nine companies. The Commission said the group raised N18.08 billion before collapsing. Three Nigerian suspects have been arrested and charged, while foreign nationals are believed to be behind the scheme.
Two EFCC directors — Abdulkarim Chukkol (Investigations) and Michael Wetcas (Abuja Zonal Office) — detailed how the financial institutions involved allowed the suspects to convert their proceeds to digital assets without proper checks. Investigators found N18.7 billion moved through the financial system without due diligence, including N162 billion in cryptocurrency transactions through a single commercial bank. One customer was found to operate 960 accounts in that bank, all linked to fraudulent activities.
The EFCC warned Nigerians to be more cautious and called for stronger compliance measures from banks and Fintech operators.