Edino Chubiyo Cornelius 
KWARA, Nigeria – The Economic and Financial Crimes Commission detains a company representative, Kofoworola Kolawole, over an alleged ₦993 million foreign exchange fraud in Ilorin, Kwara State.
The arrest follows a petition by Predictus Remit Limited, a unit of FairMoney Microfinance Bank, accusing Kolawole and two fleeing directors of obtaining funds under false pretenses.
In a statement issued on Monday by the commission, the investigators say the funds, received in November 2025 for a forex deal, were to be converted into $675,219.44. Instead, the money is allegedly routed through Providus Bank, converted into cryptocurrency, and diverted.
The EFCC says efforts are ongoing to apprehend the remaining suspects and recover the funds, highlighting rising concerns over digital platforms in financial crimes.
About the Author
Korede Abdullah 
