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EFCC arrests suspected internet fraudster over bank account scheme

The EFCC has apprehended Olawole Sunday, suspected of buying bank account details for online fraud, following a £2 million forex scam.

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EFCC convicts internet fraudsters

The EFCC has apprehended Olawole Sunday, suspected of buying bank account details for online fraud, following a £2 million forex scam

 

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Operatives of Nigeria’s Economic and Financial Crimes Commission (EFCC) have apprehended one Olawole Sunday, a suspected internet fraudster accused of orchestrating a scheme involving the purchase of bank account details from individuals for the purpose of perpetrating financial crimes.

Also read:EFCC Charges Students to Steer Clear of Cyber Crimes

In a statement released on Monday by the EFCC’s head of Media and Publicity, Dele Oyewale, it was revealed that Sunday’s alleged fraudulent operation involved the recruitment of young individuals to open multiple bank accounts.

Oyewale stated that Sunday purportedly paid these individuals sums ranging between N25,000 and N50,000 for each bank account they opened, subsequently collecting their complete banking details, including their Automated Teller Machine (ATM) cards.

The EFCC detailed how the investigation began when Sunday allegedly utilised the account details of one Uyi Eghosa to defraud an unsuspecting victim of N2 million under the false pretence of engaging in lucrative forex trading.

Following the fraudulent transaction, Eghosa was arrested by EFCC operatives. During the course of interrogation, Eghosa claimed complete ignorance of the illicit use of his bank account.

He informed investigators that he had handed over his account details and ATM card to Sunday in exchange for a payment of N25,000.

Oyewale elaborated on the operation leading to Sunday’s arrest, stating, “Operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, have arrested one Olawole Sunday, a suspected fraudster who specialised in buying bank accounts’ details from individuals with which he defrauds unsuspecting members of the public.

Sunday’s modus operandi involved encouraging young people to open multiple bank accounts, pay them either N25,000 or N50,000 for each account and collect their bank details, including Automated Teller Machine cards.”

The EFCC spokesperson further explained, “Sunday allegedly employed the account details of one Uyi Eghosa to defraud a petitioner of the sum of N2 million under the guise of trading in forex.

The account owner, Eghosa, was arrested, and his disclosure that he was unaware that his account was used in defrauding members of the public led to Sunday’s arrest.”

Oyewale confirmed that upon his arrest, Sunday confessed to the alleged crime. He added that the suspect would be formally charged in court as soon as the ongoing investigations are concluded.

 

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Grey CEO Urges Africa to Ditch Dollar for Trade

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Grey CEO Idorenyin Obong says intra-African trade payments should bypass the dollar, as the fintech expands direct currency conversion routes

African businesses should be able to pay suppliers across the continent without routing transactions through the United States dollar, Grey co-founder and Chief Executive Officer, Idorenyin Obong, has said, as the cross-border payments company expands its currency conversion infrastructure.

Also read: CAF Restores AFCON to Every Two Years After Reversing Four-Year Plan

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Obong made the remarks on Thursday, October 29, on the sidelines of Moonshot by TechCabal 2026, a two-day technology conference held at the National Theatre in Lagos.

He said reliance on intermediary currencies, particularly the dollar, adds complexity to transactions between African countries and can worsen existing foreign exchange liquidity challenges.

According to him, Grey has developed direct currency conversion routes that allow payments between selected African currencies without requiring businesses to convert their funds into dollars first.

“Most times, if you’re trading within Africa, there’s always some form of intermediary currency,” Obong said.

“We’ve built out these currency pairs, these exotic currency pairs, such that you never have to go in between to the USD.”

The issue is significant for businesses operating across African markets, where differences in currency availability, banking arrangements and payment infrastructure can make cross-border transactions expensive or unpredictable.

For example, a Nigerian company paying a supplier in Kenya may traditionally have to convert naira into dollars before exchanging the dollars for Kenyan shillings.

Each conversion introduces another stage in the transaction, potentially increasing costs and exposing the payment to additional delays.

Grey says its direct currency routes are designed to simplify that process by connecting supported currencies more efficiently.

The company said its payment infrastructure currently enables customers in Nigeria, Kenya and Ghana to send and receive money, with liquidity arrangements supporting transactions in multiple currencies.

It also said payments can be settled in real time across several supported currencies.

However, the availability of direct routes does not mean that all African currencies can be exchanged freely or that every transaction will avoid dollar intermediation.

Currency coverage, liquidity and regulatory requirements remain important considerations in cross-border payments.

Obong identified foreign exchange liquidity and payment reliability as two of the biggest difficulties confronting businesses that trade internationally.

He said uncertainty over when suppliers will receive their money can disrupt procurement schedules and weaken commercial relationships.

Grey has therefore invested in infrastructure intended to improve the predictability of international payouts, including providing customers with estimated delivery times.

“We spent the last six years building the infrastructure to ensure that we’re delivering at the last mile at 99.99% to our customers,” Obong said.

He also disclosed that Grey had processed more than 40 million transactions and nearly $5bn in payments since the company began operations in 2020.

The company has expanded beyond individual currency exchange services into business payments and international salary management.

Its Grey Business platform, designed for startups and small businesses, has processed nearly $100m since launching in February, according to the company.

Grey previously reported that the business platform processed $61.4m in its first four months, with demand partly driven by stablecoin-based payments.

The fintech has also extended its payout services to China, allowing businesses to pay suppliers in Chinese yuan.

The expansion reflects its effort to serve companies whose international supply chains extend beyond African markets.

Grey’s development has followed changes in customer demand since its launch in 2020.

Obong said the company initially operated as a currency exchange service but discovered that many customers were primarily using the platform to receive salaries earned abroad.

“Most of our customers were using Grey to receive their foreign salary. And so we decided to build what I would call simply a salary account for these customers,” he said.

That shift led to Paycheck, a product that enables professionals earning in dollars, pounds and euros to receive and manage their salaries.

The service also integrates with Pouch, Grey’s savings feature, which allows users to set aside money for goals such as education, travel and major purchases.

The company’s expansion comes amid wider efforts to improve financial connectivity across African markets.

The African Continental Free Trade Area (AfCFTA), which seeks to create a more integrated continental market, has made trade facilitation, payment systems and currency-related barriers important parts of the conversation about intra-African commerce.

One initiative in this area is the Pan-African Payment and Settlement System (PAPSS), developed to facilitate cross-border payments in local African currencies.

The system is intended to reduce reliance on third-party currencies and make intra-African trade payments more efficient.

Grey’s direct currency routes address a related challenge through its own commercial payment infrastructure, although the company’s services and PAPSS are separate initiatives with different operating models.

Obong’s comments also came as the company faced questions about customer experiences, including difficulties accessing foreign currency accounts and obtaining support.

Grey said it provides round-the-clock digital assistance and operates a physical office, while maintaining that online support is more effective for directing customer complaints to its distributed teams.

Grey was the headline sponsor of Moonshot by TechCabal 2026, held on October 28 and 29 in Lagos.

The conference brought together technology companies, investors, entrepreneurs and other industry participants to discuss innovation, investment and business opportunities across Africa.

For Grey, the ambition is to make international payments less complicated for businesses and individuals.

Also read: CAF Restores AFCON to Every Two Years After Reversing Four-Year Plan

Its push towards direct currency conversion reflects a broader question facing African commerce: how much more efficiently could companies trade across the continent if paying a supplier did not routinely require passing through the dollar?

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