EFCC Charges 9 Fintech and Investment Firms in Massive ₦18 Billion Fraud Case

The Economic and Financial Crimes Commission (EFCC) has taken a bold step by charging nine fintech and investment firms in a huge ₦18 billion fraud case. This massive scam has left over 200,000 Nigerians out of pocket, shaking trust in the country’s growing digital money world. The details paint a picture of clever tricks and weak spots in the system.

The fraud began with fake deals that looked too good to be true. Scammers, mostly foreign nationals helped by a handful of local partners, lured people with promises of cheap airline tickets and high-return investments. Victims sent money to accounts linked to these schemes, only to lose everything. 

So far, the EFCC has arrested three Nigerians involved, but the main brains behind it are still running free. The nine companies now facing charges are Credio Banco, Deliberty Rock, Liam Chumeks Global Service, Ngwuoke Daniels Technology, Icons Autos and Import Merchant, Newpace Technology Services, Primepath Ways Ventures, Kaka Synergy Network, and Sunlight Tech Hub Services. 

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What makes this case even more worrying is how banks and fintech companies played a part. EFCC officials point fingers at a new generation bank and six fintech or microfinance firms. These places let huge sums of money move through without asking enough questions. In one shocking find, a bank handled over ₦162 billion in crypto trades without proper watch. Another bank had one customer with 960 accounts, clear signs of shady business. Fraudsters turned stolen cash into cryptocurrency, which hides it and makes getting it back very hard. EFCC charged 9 fintech and investment firms in ₦18 billion fraud case, but the real blame also falls on these financial players who skipped basic safety steps.

The EFCC has not sat idle. They have clawed back some of the lost money and given it back to victims. Still, the total damage sits at a whopping ₦18 billion, a heavy blow to everyday Nigerians who trusted these platforms. This scam shows big holes in Nigeria’s digital finance setup. As fintech apps and crypto trading boom, bad actors find easy ways in. People lose savings meant for school fees, business starts, or family needs.

To stop this from happening again, the EFCC calls on regulators like the Central Bank of Nigeria and the Securities and Exchange Commission to tighten the rules. Key steps include strong Know Your Customer (KYC) checks, deep Customer Due Diligence (CDD), and sharp eyes on odd transactions. Banks and fintechs must verify who opens accounts and watch for red flags like one person controlling hundreds of accounts. Crypto deals need better tracking too, so stolen funds can’t vanish into digital wallets overseas.

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This scandal is a loud alert for all. Nigerians must double-check any investment or discount offer before sending money. Look for real company records, avoid deals that promise quick riches, and report suspicions fast. For businesses, cutting corners on checks can lead to big trouble and harm reputations. EFCC charges 9 fintech and investment firms in ₦18 billion fraud, reminding us that growth in tech finance brings risks. With more people using mobile apps for payments and investments, staying safe means staying smart.

This case pushes Nigeria toward a stronger, safer financial future. Regulators, banks, fintechs, and users all share the job of building trust. Only with strict rules and constant watch can the country turn fintech into a real force for good, not a playground for crooks.

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