Tuesday, March 31, 2026 - The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission has arrested Kofoworola Kolawole, a company representative, over an alleged fraud involving N993,247,796.70 in Ilorin, the capital of Kwara State.
The 37-year-old Kolawole was taken into custody following a
petition submitted by Predictus Remit Limited, a subsidiary of Fairmoney
Microfinance Bank.
EFCC disclosed the arrest in a statement posted on its X
handle on Monday.
According to the anti-graft agency, Kolawole allegedly
colluded with two company directors to fraudulently obtain the funds under the
guise of facilitating a foreign exchange transaction.
The statement read, “The arrest of Kolawole, 37, was sequel
to a petition submitted to the Commission by Predictus Remit Limited, a
subsidiary of Fairmoney Microfinance Bank.
“The petitioner alleged that Kolawole, alongside the company
directors—Duru Ogadima and Talukder Muhammed Khalidur Rahman (both currently at
large)—and their firm, DKK Partners Limited, fraudulently obtained the said sum
under the pretext of facilitating a foreign exchange transaction.
“The funds were allegedly received on November 25, 2025,
with the understanding that the Dollar equivalent of $675,219.44 would be
remitted.”
The EFCC added that preliminary investigations revealed the
suspects received the money through a Providus Bank account, converted it into
digital currency, and diverted it for personal use.
This case underscores the growing trend of sophisticated
forex and cryptocurrency-related scams targeting financial institutions and
their subsidiaries in Nigeria.
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