A new-generation commercial bank, six fintech companies, and multiple microfinance institutions have been connected by the Economic and Financial Crimes Commission to a significant financial fraud involving N162 billion worth of cryptocurrency transactions.

The information was revealed on Thursday at a press conference held at the EFCC's Abuja headquarters.

According to Mr. Wilson Uwujaren, Director of Public Affairs of the EFCC, fraudsters were able to launder money through the banking system because the involved institutions did not perform adequate customer due diligence.

Uwujaren claims that the impacted institutions violated established Know-Your-Customer and anti-money laundering standards by allowing suspicious transactions on their platforms throughout the 2024–2025 fiscal year.

He continued by saying that EFCC investigations revealed serious weaknesses in these institutions' internal controls, allowing criminals to transform fraud proceeds into digital assets and move them to secret locations.

He claimed that "a total of N18.1 billion was moved through the financial system without the banks' due diligence of customers."

“It is particularly worrisome that cryptocurrency transactions amounting to N162 billion passed through a new-generation bank without any form of due diligence.”

He also disclosed that the Commission identified a case where one individual controlled 960 accounts at a single bank, all allegedly used to carry out fraudulent transactions.