EFCC Arrests Company Representative Over Alleged N993 Million Fraud

The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has apprehended Kofoworola Motunrayo Kolawole, who is accused of defrauding individuals to the tune of N993,247,796.70.

Kolawole, a 37-year-old from Ondo State, is currently in police custody after voluntarily presenting herself to the EFCC following multiple summons and an order for her remand from a court.

Her arrest was prompted by a petition lodged by Predictus Remit Limited, a subsidiary of FairMoney Microfinance Bank, which implicated Kolawole and others in fraudulent activities.

According to Dele Oyewale, the EFCC’s Head of Media and Publicity, Kolawole, along with Duru Ogadima and Talukder Muhammed Khalidur Rahman—who remain at large—reportedly utilized their company, DKK Partners Limited, to siphon funds under the guise of conducting a foreign exchange transaction.

The alleged fraudulent transaction took place on November 25, 2025, with the funds purportedly meant to be converted and sent as the dollar equivalent of $675,219.44.

Preliminary investigations indicated that the money was funneled through an account at Providus Bank but was not utilized for the intended exchange. Instead, Kolawole allegedly converted the funds to digital currency for personal gain.

It was also revealed that DKK Partners Limited lacked the required license from the Central Bank of Nigeria (CBN) to partake in such financial dealings, contrary to their claims made to the complainant.

As stated by the EFCC representative, Kolawole is set to face charges after the completion of ongoing investigations.