Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
Ilorin, Nigeria — The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arrested a 37‑year‑old company representative, Kofoworola Motunrayo Kolawole, in connection with an alleged fraud amounting to N993,247,796.70 — nearly one billion naira. The arrest follows a petition submitted to the commission by Predictus Remit Limited, a subsidiary of Fairmoney Microfinance Bank, which accused Kolawole and others of orchestrating a sophisticated scheme under the guise of facilitating a foreign exchange transaction.
According to the petition, the suspect, acting alongside company directors Duru Ogadima and Talukder Muhammed Khalidur Rahman, and their firm DKK Partners Limited, fraudulently obtained the sizeable sum from Predictus Remit. Ogadima and Rahman are currently at large as investigations continue.
The transaction in question was initiated on November 25, 2025, when the accused allegedly received N993,247,796.70 on the understanding that the dollar equivalent — $675,219.44 — would be remitted as part of an agreed foreign exchange deal. Instead of executing the transaction, preliminary findings by the EFCC indicate that the funds were received into a Providus Bank account controlled by the suspects.
Rather than fulfilling the remittance obligation, the suspects are alleged to have diverted the funds for personal use. Investigators say that the money was converted into digital currency and transferred across platforms in a bid to conceal the trail, raising suspicions of criminal intent.
The EFCC confirmed that Kolawole was taken into custody as part of the ongoing probe. She is currently being questioned as investigators work to unravel the full scope of the alleged fraud and secure the whereabouts of her co‑suspects. The commission is also examining banking records, transaction flows, and digital asset movements tied to the Providus Bank account implicated in the case.
Sources within the legal community say that cases of alleged fraudulent foreign exchange deals have increased in recent years, posing significant threats to investor confidence and financial integrity within Nigeria’s banking and remittance ecosystem. If proven, the alleged actions could attract charges including fraud, money laundering, and breach of fiduciary duty under Nigerian law.
Predictus Remit Limited’s petition underscored concerns that the accused deliberately misrepresented their capacity to complete the FX transaction, resulting in substantial financial loss to the firm. The company called on the EFCC to intervene swiftly to ensure recovery of the funds and prosecution of all involved.
Banking analysts and legal experts note that fraud involving massive sums of money and digital currency conversion presents unique challenges to financial regulators and law enforcement. The conversion of funds into digital assets often complicates recovery efforts, necessitating advanced tracing tools and cross‑platform cooperation.
The ongoing investigation by the EFCC is expected to include collaboration with relevant financial institutions and possibly international agencies, given the cross‑border implications of foreign exchange dealings and digital currency movements.
Kolawole’s arrest underscores the EFCC’s renewed emphasis on tackling high‑profile economic crimes and safeguarding the integrity of Nigeria’s financial system. As the probe unfolds, authorities are expected to provide further updates on charges, potential recoveries, and the status of the search for the remaining suspects.
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