The Nigeria Police Force (NPF) has dismantled a sophisticated fraud syndicate responsible for the diversion of ₦713.9m from various bank customers.
The Force Public Relations Officer, DCP Anthony Okon Placid, disclosed the breakthrough in a statement issued from the Force Headquarters on Wednesday, May 6, 2026. The investigation, spearheaded by the Police Special Fraud Unit (PSFU), followed a formal complaint from a major Nigerian financial institution regarding unauthorised debits linked to a security breach on a third-party platform.
“The Nigeria Police Force, through the PSFU, has recorded a breakthrough in the fight against financial crimes,” DCP Placid stated. “Our operatives deployed advanced investigative and digital forensic techniques, which revealed that fifteen customers’ accounts were compromised, with funds swiftly funnelled through a network of accounts in a coordinated laundering operation.”
The operation culminated in the arrest of two primary suspects, Oguntoyinbo Olawale and Kazeem Omokayode. Investigators established that the pair conspired with a Chinese national identified only as “Linda,” who is currently at large.
“The suspects used personal identification details, including Bank Verification Numbers (BVN) and National Identification Numbers (NIN), to open multiple bank accounts across various institutions,” the Force PRO explained. “These accounts were subsequently used to receive, conceal, and launder illicit proceeds.”
The Inspector-General of Police, IGP Olatunji Rilwan Disu, praised the precision of the PSFU operatives. Reaffirming the Force’s stance on digital security, the IGP noted that the NPF remains “resolutely committed to combating financial and cyber-enabled crimes” to protect the integrity of the nation’s banking sector.
While the two suspects in custody are set to be arraigned before a court of competent jurisdiction, DCP Placid confirmed that “efforts are being intensified to apprehend other members of the syndicate still at large.”
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