A banker is in EFCC custody over an alleged multimillion-naira fraud. Investigators say the suspect diverted funds from customers’ accounts in Lagos.
LAGOS, NIGERIA — The Economic and Financial Crimes Commission (EFCC) has arrested a banker over the alleged theft of N294.5 million from customers’ accounts in Lagos, according to a statement issued by the anti-graft agency. The commission said the arrest followed an investigation into complaints of unauthorized withdrawals from affected accounts.
The EFCC said preliminary findings indicate that the suspect allegedly diverted funds belonging to several customers through transactions carried out without their authorization. According to the commission, investigators traced the movement of the money as part of efforts to establish how the alleged fraud was executed. The agency added that it is continuing its investigation to determine whether other individuals played a role in the case.
The commission said the suspect is cooperating with investigators while additional evidence is being reviewed. According to the EFCC, the investigation will determine the full scope of the alleged fraud before the case proceeds to court. The agency also said it remains committed to protecting Nigeria’s financial system by investigating economic and financial crimes.
Cases involving unauthorized withdrawals from customers’ bank accounts have continued to attract attention in Nigeria as financial institutions strengthen internal controls and security measures. The EFCC has repeatedly urged members of the public to report suspicious financial transactions and has continued to prosecute individuals accused of financial crimes after completing investigations.
The development means the EFCC is intensifying efforts to address alleged financial misconduct within the banking sector. If investigators establish sufficient evidence, the commission is expected to file charges in court, where the suspect will have the opportunity to respond to the allegations in line with due process. At the time of publication, the allegations remain under investigation, and no court has convicted the suspect.
