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.
he 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.