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EFCC Uncovers ₦162bn Cryptocurrency Laundering Network
The Economic and Financial Crimes Commission (EFCC) has implicated a new-generation commercial bank, six fintech companies, and several microfinance banks in a ₦162 billion cryptocurrency-related fraud. It is accusing the institutions of enabling money laundering through weak customer due diligence and compliance failures.
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The revelation was made by the EFCC’s Director of Public Affairs, Mr. Wilson Uwujaren, during a press briefing in Abuja.
Alleged Compliance Breaches in 2024/2025 Financial Year
According to Uwujaren, the affected financial institutions allegedly allowed ₦162 billion in cryptocurrency transactions and an additional ₦18.7 billion investment scheme to pass through their systems without proper Know Your Customer (KYC) and Customer Due Diligence (CDD) checks during the 2024/2025 financial year.
He said the institutions compromised established banking procedures. This enabled fraudsters to convert illicit proceeds into digital assets and move them to safe destinations.
New-Generation Bank Allowed 960 Fraud-Linked Accounts
One of the most alarming findings, Uwujaren disclosed, was that a single customer was allowed to operate 960 accounts within one new-generation bank, all of which were allegedly used for fraudulent activities.
“It is worrisome that investigations revealed that cryptocurrency transactions to the tune of ₦162 billion passed through a new-generation bank without any due diligence,” he said.
Fintechs Linked to the Fraud
The EFCC named several fintech and investment-linked entities allegedly involved in the fraudulent transactions, including:
- Credio Banco Limited
- Deliberty Rock Limited
- iam Chumeks Global Service
- Ngwuoke Daniels Technology
- Icons Autos and Import Merchant
- Newpace Technology Services Limited
- Primepath Ways Ventures Limited
- Kaka Synergy Network Limited
- Sunlight Tech Hub Services Limited
The Commission said these platforms were used by fraudsters—allegedly foreign nationals with three Nigerian accomplices already arrested—to launder illicit funds through digital assets.
Wider Probe: ₦18.7bn Investment Scam and Airline Fraud
The ₦162 billion crypto fraud is part of a broader EFCC investigation involving multiple scams, including:
- ₦18.7 billion bogus investment scheme affecting over 200,000 victims
- ₦651.1 million airline discount scam with more than 700 victims
Uwujaren explained that the airline scam involved fake discount offers on foreign airline tickets, with payment systems designed to mimic legitimate airline accounts. Once payments were made, victims’ bank accounts were completely drained.
Partial Recovery and Ongoing Investigations
The EFCC confirmed that it has so far recovered ₦33.63 million, which has been returned to some victims of the airline scam. Investigations indicate that the schemes were masterminded by foreign nationals, while efforts are ongoing to apprehend those currently at large.
EFCC Calls for Sanctions and Regulatory Action
The Commission warned that negligence by financial institutions will no longer be tolerated and called on regulators to enforce strict compliance.
“Deposit Money Banks, fintechs, and microfinance banks found to be aiding and abetting fraudsters should be suspended and referred to the EFCC for thorough investigation and possible prosecution,” Uwujaren said.
He emphasized the need for compulsory compliance with KYC, CDD, Suspicious Transaction Reports (STRs) and other anti-money laundering regulations to protect Nigeria’s financial system.
