The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission has arrested a company representative, M. Kolawole, over an alleged fraud to the tune of N993,247,796.70.
The EFCC disclosed this in a statement issued on its verified X account on Monday.
The anti-graft agency noted that the funds were obtained under the pretext of facilitating foreign exchange transactions.
The EFCC said the arrest of Kolawole, 37, was sequel to a petition submitted to the Commission by Predictus Remit Limited, a subsidiary of Fairmoney Microfinance Bank.
According to the EFCC, preliminary investigations revealed that the suspects allegedly received the funds through a Providus Bank account and, instead of executing the agreed transaction, converted the money into digital currency and diverted it for personal use.
The Economic and Financial Crimes Commission (EFCC) earlier in March arrested Mbah Sophina over an alleged fraud involving N19 million and €8,370 linked to a Certificate of Sponsorship (CoS) scheme.
The suspect reportedly claimed she was an Assistant Psychologist at Priory Health Unit in Glasgow, Scotland, and that she had contacts who could secure a Certificate of Sponsorship for a fee ranging between €12,000 and €13,000.
The EFCC returned a total of $225,895 and N62,790,000 to foreign victims of fraud.
The commission said the handover reflected its continued focus on international cooperation in fighting fraud and recovering illicit funds. Returning money to victims is intended to restore individual losses and strengthen trust between Nigeria and foreign partners.