The Economic and Financial Crimes Commission (EFCC) has arrested a company representative, Kofoworola Motunrayo Kolawole, over an alleged fraud involving N993.2 million linked to a failed foreign exchange transaction.

Kolawole, 37, a native of Ondo State, was taken into custody by the commission’s Ilorin Zonal Directorate after initially failing to honour several invitations. She later turned herself in and is currently being held on a court-ordered remand.

Her arrest followed a petition submitted by Predictus Remit Limited, a subsidiary of Fairmoney Microfinance Bank, alleging that she and others fraudulently obtained funds under the pretext of facilitating a foreign exchange transaction.

According to the petition, Kolawole allegedly worked with two directors—Duru Ogadima and Talukder Muhammed Khalidur Rahman, who remain at large—and their company, DKK Partners Limited, to secure the funds on November 25, 2025. The amount was reportedly provided on the understanding that the dollar equivalent of $675,219.44 would be remitted.

The EFCC said preliminary investigations showed the suspect received the money through a Providus Bank account but allegedly converted the funds into digital currency instead of executing the agreed transaction. The commission further alleged that the money was diverted for personal use.

Investigators also found that DKK Partners Limited was not licensed by the Central Bank of Nigeria (CBN) to conduct such financial transactions, contrary to claims made to the petitioner.

The EFCC said Kolawole will be arraigned in court after investigations are concluded.