Operatives of the Nigeria Police Force, National Cybercrime Centre (NPF-NCCC) have uncovered a massive cyber-enabled syndicate that fraudulently diverted N6.174billion from a financial institution’s treasury collection accounts during a digital system migration.
The Assistant Inspector-General of Police in charge of the NPF-NCCC, AIG Akaninyene Ezima, disclosed the breakthrough on Wednesday at a briefing in Abuja niting that two Indian nationals linked to the scheme have been arrested, while international manhunt operations are underway for the alleged mastermind.
AIG Ezima said the case and it’s scale is a stark illustration of the changing face of crime in Nigeria, where conventional offenses increasingly intersect with complex electronic fraud.
He said preliminary findings revealed that the syndicate exploited system vulnerabilities during the financial institution’s profile reconfiguration as it migrated from a public-sector Application Programming Interface (API) to a private-sector API
“Investigators traced 761 illegal transactions totaling N6.174 billion routed to 105 beneficiary accounts across 19 commercial banks.
“Before successfully siphoning the money, the syndicate had attempted an even larger diversion of N24.319 billion which was foiled.
Ezima disclosed that the stolen funds were funneled through legitimate corporate transactions involving customers of Ecovista Industries BVT Limited.
“In one instance, a customer who paid N27.5 million for a commercial consignment of rice was informed by the firm that its bank account had encountered an issue.
“The firm subsequently refunded the customer N27.5 million—drawn directly from the stolen platform funds—and directed the client to transfer the money to an alternative account
“That refund made to the customer was not from their bank account,” Ezima explained.
“Rather, that money was stolen funds through the system configuration which was transferred to the customer. So they have successfully laundered that money”.
“Two Indian nationals connected to the company are currently in custody and assisting investigators.
“Meanwhile, the police have declared the company’s Managing Director, Sandy Agawala, a person of interest and the principal suspect. Agawala is believed to have fled the country, and police confirmed that legal extradition channels are being activated to secure his arrest
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“The matter has been charged to court, with forensic teams actively tracing assets for recovery
Continuing, AIG Ezima said, “In a separate case, the NPF-NCCC detailed the arrest of two suspects following a violent robbery targeting a couple exercising in Abuja on September 20, 2026.
“Attackers on a motorcycle robbed the victims of a Samsung Galaxy Z Flip 7 and an iPhone 17 Pro Max before breaching their digital banking applications
“The assailants transferred $950 from a foreign currency account and N1.219 million from a naira account.
“Digital forensic tracking of a N50,000 airtime purchase made with the stolen funds provided the key breakthrough leading to the suspects’ arrest.
“Searches yielded several mobile devices, NIN cards, corporate documents, a Toyota Corolla, ATM cards, seven Point-of-Sale (POS) terminals, and a weapon.
“Investigators also discovered that one suspect was operating two separate Bank Verification Numbers (BVNs) under different names using identical photographs.
Furthermore, “The centre also resolved a international transit theft involving a commercial consignment shipped from Dubai to Nigeria containing 222 iPhones and 15 smartwatches valued at $144,000. Upon arrival, the importer discovered the electronics had been stolen and replaced with old phone chargers and discarded newspapers.
“Police operations across Oyo and Lagos states led to the arrest of key suspects and the recovery of several stolen devices.
“Three additional suspects remain in custody as recovery efforts continue.
Ezima further confirmed the arrest of Abiodun Olawale-Lawal, a suspect wanted in the United States over alleged wire fraud and attempted wire fraud.
“Acting on an official extradition request received through the Office of the Attorney-General of the Federation on September 4, September 4, 2026, NPF-NCCC operatives arrested Olawale-Lawal in Abuja on September 11. Extradition proceedings have commenced in court.
AIG Ezima cautioned the public against disseminating unverified information online, highlighting a concerning surge in cyber-stalking, cyber-bullying, and criminal defamation across digital platforms
“The job of the police and the NCCC is not just arrest, arrest, arrest. We also owe a duty to members of the public to enlighten them,” Ezima said. “Think it through. Be sure that what you are posting is verified.”
To boost national cyber resilience, the NPF-NCCC announced an upcoming multi-stakeholder cyber-awareness campaign involving government agencies, financial institutions, tech sector leaders, and academic institutions.
The initiative will feature stakeholder sessions at the Police Resource Centre, school outreach programs, and a public awareness walkathon.
