The Nigeria Police Force has uncovered a major fraud operation involving over ₦713.9 million, leading to the arrest of two suspects linked to a sophisticated banking breach.
According to a statement from Force Headquarters in Abuja, the case began after a financial institution reported suspicious and unauthorised debits from customers’ accounts. What initially appeared to be isolated transactions quickly revealed a coordinated scheme affecting multiple victims.
Investigations by the Police Special Fraud Unit (PSFU) showed that at least 15 customer accounts were compromised, with funds moved through several accounts in a carefully planned operation.
The police confirmed the arrest of two suspects—Oguntoyinbo Olawale and Kazeem Omokayode—believed to be key players in the fraud network.
But the story doesn’t end there.
Further findings revealed that the suspects allegedly worked with a third accomplice, identified as Linda, a Chinese national who is currently on the run. Together, they are said to have used stolen personal data—including Bank Verification Numbers (BVN), National Identification Numbers (NIN), and other sensitive details—to open multiple bank accounts across different financial institutions.
These accounts were then used to move, hide, and launder the stolen funds.
For many Nigerians, the case highlights a growing concern—not just about fraud, but about how personal financial data is being accessed and misused.
Authorities say the two suspects in custody will soon be charged in court, while efforts are ongoing to track down other members of the syndicate.
The Inspector-General of Police, Olatunji Rilwan Disu, has commended the investigators for their work and reaffirmed the force’s commitment to tackling financial and cybercrime.
As the investigation continues, the case serves as a stark reminder of the need for stronger data protection, vigilance, and accountability in Nigeria’s evolving digital financial system.