EFCC Arrests Cameroonian Businessman Over Alleged N1.5 Billion Bank Fraud In Lagos

Operatives of the Economic and Financial Crimes Commission have arrested a Cameroonian businessman, Bekono Marc Eric, for allegedly defrauding a first-generation bank of approximately N1.5 billion. The 47-year-old suspect was apprehended on Thursday, April 23, 2026, in the Ikorodu area of Lagos by the Lagos Zonal Directorate 2 of the anti-graft agency.

The EFCC described the suspect as a member of a suspected trans-border syndicate that specialises in credit card fraud. According to a statement by the commission’s spokesperson, Dele Oyewale, preliminary investigations revealed the sophisticated methodology employed by the criminal network. The syndicate members allegedly open bank accounts in Nigeria, obtain Automated Teller Machine cards and corresponding Personal Identification Numbers, and then travel to neighbouring countries where they use the cards to carry out fraudulent transactions on accounts belonging to customers with high balances.

The commission stated that the scheme reportedly led to substantial financial losses estimated at about N1.5 billion for the affected bank. While the EFCC did not name the financial institution involved, it described the victim as a first-generation Nigerian bank. Dele Oyewale confirmed that the suspect would be charged in court as soon as investigations are concluded. He also added that efforts were ongoing to track down other members of the syndicate still at large.

The arrest highlights the increasing trend of cross-border financial crimes targeting Nigeria’s banking sector and comes amid broader concerns over fraud in the financial system. The EFCC’s statement reiterated the commission’s commitment to cracking down on cyber-enabled and cross-border financial crimes. This case also aligns with recent data from the Nigeria Inter-Bank Settlement System, which revealed that Nigerian banks lost about N52.26 billion to fraud in 2024, marking a significant increase from previous years. The EFCC has not disclosed further details about how the alleged fraud was uncovered or the specific neighbouring countries involved in the criminal operation.