EFCC Exposes ₦162 Billion Crypto Laundering Scheme Involving Nigerian Banks

The EFCC revealed that Nigerian banks, fintech companies, and microfinance banks aided fraudsters in laundering ₦162 billion in cryptocurrency, with fraud proceeds totaling ₦18.7 billion. The fraud involved using fake airline ticket discount platforms to deceive victims into making payments, resulting in losses estimated at ₦651.1 million.

The scheme was masterminded by foreign nationals who recruited young Nigerians to compromise bank accounts and convert funds into cryptocurrency via the Bybit platform. So far, EFCC has recovered ₦33.6 million and identified nine companies posing as legitimate investment platforms in the scam.