Kofoworola Kolawole, a firm representative, has been detained by the Economic and Financial Crimes Commission's Ilorin Zonal Directorate in connection with an alleged fraud of N993,247,796.70 in Ilorin, the capital of Kwara State.

Following a petition filed by Predictus Remit Limited, a division of Fairmoney Microfinance Bank, the 37-year-old Kolawole was placed under arrest.

In a statement released on its X account on Monday, the EFCC revealed the arrest.

The anti-graft agency claims that Kolawole conspired with two company directors to steal the money by pretending to help a foreign exchange transaction.

The statement read, “The arrest of Kolawole, 37, was sequel to a petition submitted to the Commission by Predictus Remit Limited, a subsidiary of Fairmoney Microfinance Bank.

“The petitioner alleged that Kolawole, alongside the company directors—Duru Ogadima and Talukder Muhammed Khalidur Rahman (both currently at large)—and their firm, DKK Partners Limited, fraudulently obtained the said sum under the pretext of facilitating a foreign exchange transaction.

“The funds were allegedly received on November 25, 2025, with the understanding that the Dollar equivalent of $675,219.44 would be remitted.”

Preliminary investigations, according to the EFCC, showed that the suspects obtained the funds via a Providus Bank account, changed them into digital currency, and used them for personal purposes.

This case highlights the increasing number of complex forex and cryptocurrency-related frauds that target Nigerian financial institutions and their subsidiaries.

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