Nigeria, March 30 -- The Economic Financial Crimes Commission (EFCC) has arrested a company representative, Kofoworola Kolawole, over an alleged fraud involving N993,247,796.70 in Ilorin, the capital of Kwara State.

According to the commission, the 37-year-old Kolawole was taken into custody following a petition submitted by Predictus Remit Limited, a subsidiary of Fairmoney Microfinance Bank.

EFCC disclosed the arrest in a statement posted on its X handle on Monday.

It said Kolawole allegedly colluded with two company directors to fraudulently obtain the funds under the guise of facilitating a foreign exchange transaction.

The statement read, "The arrest of Kolawole, 37, was sequel to a petition submitted to the Commission by Predict...