Assets
Crypto Deposit
Fiat Deposit
Convert
Transfer
Withdraw
My vouchers
Fund history
Dashboard
Account Security
Identity verification
API Management
Transaction Report
Log out
Register
BTCC / BTCC Square / Global Cryptocurrency /
Nigerian EFCC Exposes Banking Failures Behind N162bn Crypto Fraud

Nigerian EFCC Exposes Banking Failures Behind N162bn Crypto Fraud

Author:
Global Cryptocurrency
Published:
2026-01-25 16:06:03
5
1
BTCCSquare news:

Nigeria's Economic and Financial Crimes Commission (EFCC) has uncovered systemic banking failures that enabled a massive N162 billion cryptocurrency fraud. The investigation reveals how small deposit banks, fintech platforms, and microfinance institutions negligently allowed fraudsters to MOVE stolen funds freely through the financial system.

Director of Public Affairs Wilson Uwujaren disclosed that a single bank processed the entire N162 billion in suspicious crypto transactions, with one customer operating 960 accounts at the same institution. The scams included an airline discount scheme and a fraudulent investment platform called FF Investment Limited.

While the EFCC has recovered N33.63 million of the N651.1 million lost by over 700 victims, the case highlights critical vulnerabilities in Nigeria's financial oversight. Banking institutions allegedly ignored basic compliance protocols, facilitating large-scale money laundering through cryptocurrency channels.

|Square

Get the BTCC app to start your crypto journey

Download on the App Store GEI IT ON Google Play

Get started today Scan to join our 100M+ users

Exchange for a better future

Products
Services
Guides
About Us
Terms & Agreement
Customer Service

Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

The world’s longest-running cryptocurrency exchange since 2011 © 2011 - 2026 BTCC.com. All rights reserved

All articles reposted on this platform are sourced from public networks and are intended solely for the purpose of disseminating industry information. They do not represent any official stance of BTCC. All intellectual property rights belong to their original authors. If you believe any content infringes upon your rights or is suspected of copyright violation, please contact us at [email protected]. We will address the matter promptly and in accordance with applicable laws.BTCC makes no explicit or implied warranties regarding the accuracy, timeliness, or completeness of the republished information and assumes no direct or indirect liability for any consequences arising from reliance on such content. All materials are provided for industry research reference only and shall not be construed as investment, legal, or business advice. BTCC bears no legal responsibility for any actions taken based on the content provided herein.