The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arrested Kofoworola Motunrayo Kolawole, a company representative, in connection with an alleged fraud totaling N993,247,796.70.
The arrest followed a petition filed by Predictus Remit Limited, a subsidiary of Fairmoney Microfinance Bank, prompting the EFCC to investigate the matter.
According to a statement posted on the EFCC’s official page, Kolawole, along with company directors Duru Ogadima and Talukder Muhammed Khalidur Rahman—both currently at large—and their firm, DKK Partners Limited, allegedly obtained the funds under the pretext of facilitating a foreign exchange transaction.
The statement explained that the money, received on November 25, 2025, was intended to be converted into the U.S. dollar equivalent of $675,219.44 for remittance purposes.
“The funds were allegedly received on November 25, 2025, with the understanding that the Dollar equivalent of $675,219.44 would be remitted,” the EFCC statement said.
Preliminary investigations revealed that instead of completing the transaction, the suspects allegedly converted the funds into digital currency and diverted them for personal use.
The EFCC has continued efforts to locate Ogadima and Rahman as part of the ongoing investigation.
Authorities have urged members of the public to report any information that could assist in the apprehension of the other suspects.
This case underscores ongoing concerns about financial fraud and the misuse of digital platforms for illicit purposes in Nigeria.