The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arrested a company representative, Kofoworola Motunrayo Kolawole, over an alleged fraud amounting to N993,247,796.70.

Kolawole, 37, an indigene of Ondo State, is currently in custody after turning herself in following repeated invitations by the Commission and a subsequent court ordered remand.

The arrest followed a petition filed by Predictus Remit Limited, a subsidiary of FairMoney Microfinance Bank, which accused the suspect and others of fraudulent dealings.

According to the Commission’s Head of Media and Publicity, Dele Oyewale, Kolawole, alongside company directors, Duru Ogadima and Talukder Muhammed Khalidur Rahman, who are currently at large, allegedly used their firm, DKK Partners Limited, to obtain the funds under the pretext of facilitating a foreign exchange transaction.

He said the money, reportedly received on November 25, 2025, was meant to be converted and remitted as the dollar equivalent of $675,219.44.

Oyewale added that preliminary investigations showed the suspect allegedly received the funds through an account with Providus Bank but failed to execute the agreed transaction, instead converting the money into digital currency and diverting it for personal use.

He further disclosed that investigations revealed that DKK Partners Limited was not licensed by the Central Bank of Nigeria (CBN) to engage in such financial transactions, contrary to representations made to the petitioner.

The EFCC spokesperson said the suspect would be arraigned upon the conclusion of ongoing investigations. (Daily Trust)

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