EFCC Accuses Banks and Fintechs of Enabling N162bn Crypto and N18.7bn Scams on Over 900,000 Nigerians

The Economic and Financial Crimes Commission (EFCC) has accused several banks, fintech firms, and microfinance institutions in Nigeria of facilitating widespread fraud amounting to N162 billion in cryptocurrency and N18.7 billion in scams affecting over 900,000 Nigerians. The EFCC's investigation uncovered serious lapses in the operations of new-generation banks, six fintech companies, and a number of microfinance banks, allowing fraudsters to bypass standard banking safeguards.

Two major fraud operations were revealed, involving schemes that defrauded victims through airline discount claims and deceptive investment packages. The fraudulent activities included draining victims' bank accounts, resulting in significant financial losses.

The EFCC identified foreign entities recruiting young Nigerians to engage in cryptocurrency transactions and illicit fund transfers. The commission also disclosed the involvement of various companies in the fraudulent schemes, warning financial institutions found complicit in fraud to face criminal prosecution.