EFCC Returns N114m Recovered From Cyber Fraud to Microfinance Bank

The Economic and Financial Crimes Commission (EFCC) has returned N114 million recovered from a cyber fraud case to a microfinance bank following an investigation into the unauthorised withdrawal of funds from one of its customers’ accounts.

The commission disclosed this in a post on its official X handle on Friday, saying the recovered money was handed over to the bank on Thursday.

According to the EFCC, the Acting Zonal Director of its Benin Zonal Directorate, Deputy Commander Sa’ad Hanafi Sa’ad, presented a bank draft worth N114 million to Samuel Ikechukwu, a senior official of the financial institution.

The funds were recovered following a petition filed by Ikechukwu in August 2024. He had reported that one of the bank’s customer accounts was fraudulently hacked and money withdrawn without authorisation.

The commission said its investigators traced the stolen funds to several suspects, including Obumneme Bright, who was arrested during the investigation.

“Upon his arrest, the commission recovered N114 million from him,” the EFCC stated.

The agency added that efforts were ongoing to track down the remaining suspects linked to the alleged fraud.

The recovery adds to the EFCC’s efforts to investigate financial crimes and return funds recovered from suspected fraudulent activities to affected individuals and institutions.