EFCC Arrests Company Rep Over Alleged ₦993 Million Fraud In Ilorin

The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arrested Kofoworola Motunrayo Kolawole, a 37-year-old company representative, over an alleged N993,247,796.70 fraud.

NaijaChoice News reports that the arrest followed a petition from Predictus Remit Limited, a subsidiary of Fairmoney Microfinance Bank. Kolawole and two company directors — Duru Ogadima and Talukder Muhammed Khalidur Rahman, both still at large — along with their firm, DKK Partners Limited, are accused of obtaining the funds under the pretext of facilitating a foreign exchange transaction.

The money was received on November 25, 2025, through a Providus Bank account. It was meant to be converted into the dollar equivalent of $675,219.44 and remitted to the petitioner.

Preliminary investigations by the EFCC showed that instead of executing the deal, the suspects allegedly converted the naira into digital currency and diverted it for personal use.

EFCC operatives confirmed the arrest in a statement released on Monday, describing it as part of efforts to tackle sophisticated forex-related scams targeting financial institutions across the country. Such cases have become common amid Nigeria’s persistent foreign exchange challenges and the rising use of cryptocurrency in illicit transactions.

In a swift reaction, DKK Partners Limited denied any wrongdoing. The company, through its Chief of Staff, Simon Head, described the allegations as “wholly unsubstantiated” and accused the EFCC of prioritising publicity over due process.

The firm insisted it operates within the law, has never diverted or laundered client funds, and is ready to cooperate fully with any impartial investigation while protecting its reputation.

Kolawole remains in EFCC custody. The anti-graft agency said investigations are ongoing and the suspect will be arraigned in court once concluded.

This development comes as the EFCC intensifies operations in Kwara and other zones to stem financial crimes affecting remittance firms and everyday Nigerians reliant on stable forex dealings.