The Economic and Financial Crimes Commission's Ilorin Zonal Directorate has taken a company representative into custody over allegations of fraud totaling N993,247,796.70. Kofoworola Kolawole, 37, was arrested after Predictus Remit Limited, a subsidiary of Fairmoney Microfinance Bank, submitted a petition to the commission. The petition alleged that Kolawole, along with two company directors, Duru Ogadima and Talukder Muhammed Khalidur Rahman, colluded to obtain the funds under false pretenses.
The alleged fraud occurred on November 25, 2025, with the understanding that the Dollar equivalent of $675,219.44 would be remitted as part of a foreign exchange transaction. However, preliminary investigations revealed that the suspects converted the money into digital currency and diverted it for personal use after receiving it through a Providus Bank account. The EFCC will arraign Kolawole in court once investigations are complete.
The arrest of Kofoworola Kolawole by the EFCC highlights the need for vigilance in the financial sector, particularly in cases involving large sums of money like N993,247,796.70. The fact that the suspects allegedly converted the funds into digital currency and diverted it for personal use raises concerns about the effectiveness of current financial regulations. The EFCC's investigation and potential prosecution of Kolawole, Duru Ogadima, and Talukder Muhammed Khalidur Rahman will be closely watched, as it has significant implications for the prevention of similar frauds in the future. If found guilty, the perpetrators must face the full weight of the law to serve as a deterrent to others. The case also underscores the importance of Fairmoney Microfinance Bank's subsidiary, Predictus Remit Limited, taking prompt action in reporting the alleged fraud, which led to the arrest of Kolawole.
