The Economic and Financial Crimes Commission (EFCC) has revealed how Nigerian banks, including fintech companies, were used to facilitate a massive air ticket, investment, and cryptocurrency fraud totaling ₦180 billion due to inadequate safeguards.
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The EFCC commission’s spokesperson, Wilson Uwujaren, made the disclosure during a briefing on Thursday, noting that hundreds of Nigerians fell victim to the scams.
According to Uwujaren, losses from airline ticket and investment scams amounted to ₦18.1 billion, while cryptocurrency-related fraud accounted for ₦162 billion of the total sum.
He blamed unnamed Nigerian banks and fintech companies for failing to carry out adequate customer due diligence while the fraudulent activities were ongoing.
Uwujaren of EFCC 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.
