By Momodu Favour

The Economic and Financial Crimes Commission (EFCC) has arrested a company representative, Kofoworola Kolawole, over an alleged fraud involving N993,247,796.70 in Ilorin.

Kolawole, 37, was apprehended by operatives of the EFCC’s Ilorin Zonal Directorate following a petition submitted by Predictus Remit Limited, a subsidiary of FairMoney Microfinance Bank.

The anti-graft agency disclosed the arrest in a statement released on Monday, alleging that the suspect conspired with two company directors Duru Ogadima and Talukder Muhammed Khalidur Rahman who are currently at large, along with their firm, DKK Partners Limited.

According to the EFCC, the suspects allegedly obtained the funds under the pretext of facilitating a foreign exchange transaction. The money was reportedly received on November 25, 2025, with an agreement to remit the dollar equivalent of $675,219.44.

Preliminary investigations by the Commission revealed that the funds were paid into an account with Providus Bank, after which they were allegedly converted into digital currency and diverted for personal use.

The EFCC said investigations are ongoing, while efforts are being intensified to apprehend the fleeing suspects and recover the diverted funds.

The case highlights a growing trend of sophisticated fraud schemes involving foreign exchange and cryptocurrency transactions, increasingly targeting financial institutions and their subsidiaries in Nigeria.