The Economic and Financial Crimes Commission (EFCC) has revealed how Nigerian banks and fintech companies facilitated a massive fraud worth N180 billion involving air ticket sales, investments, and cryptocurrency transactions. The commission’s spokesperson, Wilson Uwujaren, explained that hundreds of Nigerians fell victim to the scams, with N18.1 billion lost to airline ticket and investment fraud, while cryptocurrency fraud accounted for N162 billion.

Uwujaren criticised banks and fintechs for failing to conduct proper customer due diligence, allowing fraudsters to operate unchecked. Investigations uncovered a case where a single individual allegedly managed 960 accounts in one bank, all reportedly used to move illicit funds.

The EFCC stressed that the lack of monitoring by financial institutions enabled the large-scale fraudulent transactions, highlighting systemic weaknesses in both traditional and digital banking systems. The commission is now calling for stricter compliance and robust anti-fraud measures within the banking and fintech sectors.

Despite the large-scale losses, Uwujaren confirmed that EFCC interventions have resulted in the recovery of N33.62 million, which has already been returned to some of the victims. Authorities continue investigations to prevent further exploitation of the financial system.