EFCC forex fraud Ilorin case sees suspect arrested over ₦993m scam involving forex and cryptocurrency diversion
The Economic and Financial Crimes Commission has arrested Kofoworola Kolawole, 37, a company representative, on Monday, March 30, 2026, in Ilorin, Kwara State, over an alleged ₦993,247,796.70 foreign exchange fraud.
Also read: Violent protests in South Africa target foreign-owned property over Igbo king installation
The EFCC forex fraud Ilorin case emerged following a petition filed by Predictus Remit Limited, a subsidiary of FairMoney Microfinance Bank, accusing the suspect of involvement in a high-value financial scam.
According to a statement released via the Commission’s official X handle, Kofoworola Kolawole allegedly collaborated with two directors, Duru Ogadima and Talukder Muhammed Khalidur Rahman, who remain at large, to execute the scheme through DKK Partners Limited.
The anti-graft agency stated that the suspects obtained the funds on November 25, 2025, under the pretext of facilitating a foreign exchange transaction.
The arrangement reportedly required the remittance of a dollar equivalent of $675,219.44.
Preliminary findings revealed that the funds were paid into a Providus Bank account before being converted into digital currency and subsequently diverted for personal use, in what investigators describe as a sophisticated fraud operation.
The Commission confirmed that efforts are ongoing to track down the fleeing suspects and recover the diverted funds.
Also read: Violent protests in South Africa target foreign-owned property over Igbo king installation
The case highlights growing concerns over the increasing complexity of forex and cryptocurrency-related fraud schemes targeting financial institutions across Nigeria.
