Banking
EFCC Accuses Banks of Aiding N18.7bn Investment, Airline Discount Scams
By Modupe Gbadeyanka
One new generation bank and six financial technology (fintech) and microfinance banks have been accused of aiding fraudsters in defrauding Nigerians through fraudulent schemes.
This allegation was made by the Economic and Financial Crimes Commission (EFCC) while addressing the media in Abuja on Thursday.
The Director of Public Affairs of the EFCC, Mr Wilson Uwujaren, said these schemes involved about N18.7 billion fraudulent investment and airline discount scams.
He disclosed that in the airline discount fraud, fraudsters lure their victims to lose their hard-earned money by involving “a string of carefully devised airline discount information that any unsuspecting foreign traveller will fall for.”
“What they do is to advertise a discount system in the purchase of flight tickets of a particular foreign carrier. The payment module is designed in such a way that their victims would be convinced that the payment is actually made into the account of the airline. No sooner the payment is made than the passenger’s entire funds in his bank account are emptied,” he narrated to newsmen.
According to him, over 700 victims have fallen into the trap of fraudsters through the scheme with a total loss of N651.1 million to them.
Though the commission succeeded in recovering and returning N33.6 million to victims of the scam, Mr Uwujaren cautioned Nigerians to be more vigilant as foreign actors involved in the scheme are converting their illicit sleaze into cryptocurrency and moving them into safer destinations through Bybit.
Narrating the second scheme, the EFCC spokesman said it involved a company named Fred and Farid Investment Limited, simply called FF investment, which lured Nigerians into bogus investment arrangements.
He said over 200,000 victims have been defrauded in this regard, with about N18.1 billion raked in through nine companies offering diverse investment packages. .
In all, more than 900 Nigerians have been fleeced by fraudsters through the connivance of banks.
Mr Uwujaren claimed foreign nationals are behind the schemes, with three Nigerian accomplices who have been arrested and charged to court.
On the specific role of banks and fintechs in the schemes, two other directors of the EFCC, Abdulkarim Chukkol in charge of Investigations, and Mr Michael Wetcas in charge of Abuja Zonal Directorate, explained that, “a new generation bank and six fintechs and microfinance banks are involved in this. The financial institutions clearly compromised banking procedures and allowed the fraudsters to safely change their proceeds into digital assets and move into safe destinations”
“A total of N18,739, 999,027.35 had been moved through our financial system without due diligence of customers by the banks. It is worrisome that investigations by the commission showed that cryptocurrency transactions to the tune of N162 billion passed through a new generation bank without any due diligence. Investigations also showed that a single customer maintained 960 accounts in the new generation bank and all the accounts were used for fraudulent purposes.”
The EFCC called on regulatory bodies to bring financial institutions to compulsory compliance with regulations in the areas of Know Your Customers (KYC), Customer Due Diligence (CDD), Suspicious Transaction Reports (STRs) and others.
The agency charged regulatory bodies that Deposit Money Banks (DMBs), fintechs, MFBanks found to be aiding and abetting fraudsters should be suspended and referred to the EFCC for thorough investigation and possible prosecution.
It also warned that negligence and failure to monitor suspicious and structured transactions by banks would no longer be allowed, assuring that it will continue its work against money laundering by fraudulent actors.
Mr Uwujaren also tasked financial institutions to firm up their operational dynamics and save the nation from leakages and compromises bleeding the economy.
By Modupe Gbadeyanka
The second African Markets Conference (AMC) will take place in Cape Town, South Africa, from Sunday, February to Tuesday, February 24, 2026.
The event, hosted by Standard Bank, will bring together global institutional investors, sovereign wealth funds, and African policymakers to catalyse the flow of capital into the continent’s most critical sectors.
The theme for this year’s edition is Mobilising Global Capital at Scale for Africa’s Growth and Development.
AMC 2026 will host a high-level delegation of decision-makers, ensuring that the dialogue leads to tangible commitments.
The conference will be structured around five high-impact pillars designed to move the needle on investment, including prioritising infrastructure as an asset class, accelerating the energy transition, deepening African capital markets and mobilising private capital, enabling intra-African trade and flows of capital, and addressing Africa’s sovereign debt and cost sustainability.
It is estimated that by 2050, Africa will add one billion people, more than half in cities, yet it invests only $75 billion of the $150 billion it needs annually for infrastructure. Standard Bank aims to use AMC 2026 to ensure that African priorities remain at the centre of the global financial discourse.
“This year’s engagement bridges the gap between policy ambitions and market realities. Africa urgently needs practical measures to deepen capital pools, improve market liquidity, and strengthen regulatory frameworks that give investors the confidence to deploy capital at scale.
“Mobilising capital is not just about funding projects; it is about building the foundation of a more balanced and inclusive global economy,” the chief executive of Corporate and Investment Banking at Standard Bank Group, Luvuyo Masinda, stated.
By Aduragbemi Omiyale
Inmates at the Ikoyi Correctional Centre in Lagos were recently full of joy when Fidelity Bank Plc donated some relief items to them.
The financial institution, through its Corporate Social Responsibility (CSR) initiative known as Fidelity Helping Hands Programme (FHHP), handed over various household tools and gift items to the leadership of the correctional facility as part of its efforts to support the rehabilitation and development of indigent persons in society.
The Chief Human Resources Officer of Fidelity Bank, Mr Charles Nwachukwu, reaffirmed the bank’s deep commitment to transforming lives and restoring hope, emphasising that true progress lies not only in financial growth but in extending compassion and opportunity to those that society often overlooks.
“At Fidelity Bank, we believe that every individual deserves a second chance. Our approach to Corporate Social Responsibility is rooted in empathy, standing with communities, uplifting the vulnerable, and opening doors for brighter futures.
“By supporting inmates today, we are setting them on the true path of rehabilitation, empowering them to return tomorrow as productive and confident members of society,” the banker said.
The Deputy Controller of Corrections at Ikoyi Custodial Centre, Mr Julius Ogueri, who could not hide his excitement over the gesture, appealed to Nigerians to avoid cybercrimes and stigmatisation of ex-inmates.
Highlighting the challenges faced by correctional facilities in Nigeria, Mr Ogueri noted that Ikoyi correctional center initially designed for 800 inmates, now houses over 3,000 inmates, with 396 convicted persons and 3,604 awaiting trial.
Whilst thanking the bank, the Deputy Controller also emphasised the importance of rehabilitation, citing examples of inmates who have pursued education and skills acquisition, including 72 inmates studying with the National Open University of Nigeria and 120 inmates who have benefited from WAEC and GCE support.
Business Post reports that through the FHHP, staff across Fidelity Bank branches nationwide identify crucial interventions needed in their immediate community and raise funds to execute them. The bank’s management then matches this contribution with an equal amount and disburses it for the selected project.
The visit to the Ikoyi Correctional Centre reinforces the lender’s unwavering commitment to meaningful community impact and demonstrates its strong dedication to advancing social responsibility and rehabilitation efforts across the society.
By Dipo Olowookere
A new digital banking platform created to help business owners in the country to eliminate delays, queues, and operational inefficiencies has been introduced by Ecobank Nigeria.
This mobile application is to strengthen the growth and sustainability of Small and Medium Enterprises (SMEs) across Nigeria, allowing them to manage payments, monitor transactions, oversee cash flow, and run day‑to‑day financial operations directly from their mobile devices.
The Ecobank Business app, now available on the Google Play Store and Apple App Store, cements the bank’s position as a dependable growth partner to SMEs across all sectors, delivering tools that help businesses manage better, grow faster, and operate more competitively in a digital economy. – Ecobank Business — Your Growth Partner.
The introduction of this initiative further reinforces Ecobank’s broader commitment to empowering SMEs through digital innovation, sector‑specific value propositions, and financial solutions like structured loans, trade support, guarantees, and equipment financing.
It also aligns with the lender’s push to re-energise dormant SME accounts, deepen market penetration, promote digital adoption, and scale value‑chain financing through partnerships with corporate anchors.
According to the Executive Director for Consumer and Commercial Bank at Ecobank Nigeria, Mr Kola Adeleke, the Ecobank Business App was developed to address the unique challenges faced by Nigeria’s diverse SME landscape.
Speaking at the unveiling in Lagos, he explained that the platform caters to traders, retailers, tech start-ups, online businesses, hospitality operators, farmers, agro‑processors, manufacturers, construction firms, professionals, social commerce entrepreneurs, schools, associations, and organisations that require transparent and efficient financial management.
Mr Adeleke noted that the app delivers faster payment collection for merchants and retailers, seamless digital transactions for online businesses, efficient vendor and staff management for hospitality players, timely payment solutions for agriculture value chains, and secure handling of bulk and high‑value transactions for manufacturers and construction firms.
He added that professionals such as lawyers and consultants can issue invoices and receive payments easily, while schools and associations can streamline fees, dues, and reporting from a single platform.
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