The Economic and Financial Crimes Commission, Ilorin Zonal Directorate has arrested Kofoworola Kolawole, a company representative, over an alleged fraud involving N993,247,796.70 in Ilorin, the capital of Kwara State.
The 37-year-old Kolawole was taken into custody following a petition submitted by Predictus Remit Limited, a subsidiary of Fairmoney Microfinance Bank.
The anti-graft agency disclosed this in a statement shared on its Facebook page on Monday.
According to the Commission, Kolawole allegedly colluded with two company directors to fraudulently obtain the funds under the guise of facilitating a foreign exchange transaction.
The statement read, “The arrest of Kolawole, 37, was sequel to a petition submitted to the Commission by Predictus Remit Limited, a subsidiary of Fairmoney Microfinance Bank.
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“The petitioner alleged that Kolawole, alongside the company directors—Duru Ogadima and Talukder Muhammed Khalidur Rahman (both currently at large)—and their firm, DKK Partners Limited, fraudulently obtained the said sum under the pretext of facilitating a foreign exchange transaction.
“The funds were allegedly received on November 25, 2025, with the understanding that the Dollar equivalent of $675,219.44 would be remitted.”
The EFCC added that preliminary investigations revealed the suspects received the money through a Providus Bank account, converted it into digital currency, and diverted it for personal use.
This case underscores the growing trend of sophisticated forex and cryptocurrency-related scams targeting financial institutions and their subsidiaries in Nigeria.