The Economic and Financial Crimes Commission (EFCC) has accused a commercial bank, six fintech companies, and several microfinance banks of facilitating a ₦162 billion cryptocurrency-related fraud.
The institutions reportedly processed suspicious transactions without proper due diligence, enabling fraudsters to convert stolen funds into crypto and transfer them offshore. In one case, a single customer was found to hold over 900 accounts allegedly used for fraudulent activity.
The EFCC also linked these lapses to scams affecting thousands of Nigerians, including fake airline deals and bogus investment schemes that collectively defrauded victims of around ₦18 billion.
The commission warned that banks and fintechs failing to follow Know Your Customer (KYC) and anti-money laundering rules could face sanctions, investigations, and prosecution. Visit www.jocomms.com for more news.