EFCC Arrests Kofoworola Kolawol Over N993M Fraud

The Economic and Financial Crimes Commission (EFCC) has arrested Kofoworola Kolawol, a 37-year-old representative of a company, in connection with an alleged N993,247,796.70 fraud in Ilorin, Kwara State. The arrest occurred after a petition was submitted to the EFCC regarding the fraudulent activities involving Fairmoney Microfinance Bank.

Kolawol is accused of colluding with two company directors, Duru Ogadima and Talukd Muham Khalidur Rahman, to fraudulently obtain funds under the pretext of facilitating foreign exchange transactions. The EFCC disclosed that the suspects received money on November 25, 2025, amounting to $675,219.44, which was allegedly diverted to personal accounts after being converted into digital currency.

This case highlights the increasing sophistication of forex and cryptocurrency-related scams targeting financial institutions in Nigeria.