EFCC Indicts New Generation Bank, Six Micro-finance, Fintech Firms in Alleged N18bn Airline, Investment Frauds

Alex Enumah in Abuja

The Economic and Financial Crimes Commission (EFCC) has indicted a new generation bank and six micro-finance and fintech firms in the alleged fleecing of Nigerians over N18 billion.

EFCC said frauds were said to have been perpetrated by a foreign national in connivance with some young Nigerians through an airline discount scheme and a bogus investment arrangement.

The anti-graft agency which made the disclosure on Wednesday in Abuja, lamented that about 900 Nigerians have been victims in the last two years.

EFCC’s Director, Public Affairs, Mr Wilson Uwujaren, who made the disclosure,l however decried the role being played by some financial institutions.

“The preceding year, as we all know it, was a year of tangible achievements and verifiable proofs for the commission. We are starting 2026 to intimate you with advances we made in the investigation of two types of criminality that have wreaked havocs on more than 900,000 Nigerians.

“The first is a syndicate of fraudsters that employed an airline discount scheme to lure their victims to lose their hard- earned resources.  The modality of these fraudsters involve a string of carefully devised airline discount information that any unsuspecting foreign traveller will fall for,” he said.

Uwujaren explained that although seven victims of the syndicate were initially reported to the commission, he, however, stated further that investigations showed that more than 700 victims have so far been scammed, with a loss of N651,097, 755.00.

Meanwhile, he disclosed that the anti-graft agency has so far recovered and released N33,628,000.00  to victims of the fraud.

On the issue of investment fraud involving a company named Fred and Farid Investment Limited (FF investment), the commission disclosed that more than 200,000 victims have been defrauded to the tune of N18,088,901,272.35, through nine companies offering diverse investment packages.

The companies are: Credio Banco Limited; Deliberty Rock Limited; Liam Chumeks Global Service;  Ngwuoke Daniels Technology; Icons Autos and Import Merchant; Newpace Technology Services Limited, Primepath Ways Ventures Limited, Kaka Synergy Network Limited and Sunlight Tech Hub Services Limited.

“Again, foreign nationals are behind the schemes. There are three Nigerian accomplices who have been arrested and charged to court. The masterminds are on the run and efforts are being made to bring them to book.

“One striking feature of all these schemes is the compromise of the nation’s financial space by some financial institutions.  A new generation bank and six fintechs and micro-finance banks are involved in this.  The financial institutions clearly compromised banking procedures and allowed the fraudsters to safely change their proceeds into digital assets and move into safe destinations.

“A total sum of N18,739,999,027.35 had been moved through our financial system without due diligence of customers by the banks.  It is worrisome that investigations by the commission showed that cryptocurrency transactions to the tune of N162 billion passed through a new generation bank without any due diligence.  Investigations showed that a single customer maintained 960 accounts in another new bank and all the accounts  were used for fraudulent purposes,” Uwujaren added.

The EFCC subsequently called on regulatory bodies to bring financial institutions to compulsory compliance with regulations in the areas of Know Your Customers (KYC), Customer Due Diligence (CDD), Suspicious Transaction Reports (STRs), and others.

“Deposit money banks, fintechs, micro-finance banks found to be aiding and abetting fraudsters should be suspended and referred to the EFCC for thorough investigation and possible prosecution.

“Negligence and failure to monitor suspicious and structured transactions by banks should no longer be allowed,” the anti-graft agency said.

He assured Nigerians that the commission will continue its works against money laundering by fraudulent actors, adding that financial institutions should firm up their operational dynamics and save the nation leakages and compromises bleeding the economy.