The Economic and Financial Crimes Commission (EFCC) has indicted a new-generation bank, six fintech companies, and several microfinance banks over their alleged roles in major financial scams involving the laundering of huge sums of money.
The EFCC’s Director of Public Affairs, Mr. Wilson Uwujaren, disclosed this at a press briefing held on Thursday at the commission’s headquarters in Abuja.
Uwujaren said the implicated institutions allegedly allowed cryptocurrency transactions valued at N162 billion to pass through their systems without proper customer due diligence during the 2024/2025 financial year.
According to him, the institutions compromised established banking procedures, enabling fraudsters to convert illicit proceeds into digital assets and transfer them to undisclosed destinations.
“A total sum of N18.1 billion was moved through the financial system without adequate customer due diligence by the banks,” he said.
“It is deeply concerning that investigations revealed cryptocurrency transactions amounting to N162 billion were processed through a new-generation bank without any form of due diligence.”
