EFCC Investigates Man Over Alleged $12,000 Fraud Targeting BDC Operators

The Economic and Financial Crimes Commission (EFCC) has commenced investigations into a 38-year-old man, Raheem Abiodun Wasiu, over an alleged $12,000 fraud involving Bureau de Change (BDC) operators in the South-East and Akwa Ibom State.

The EFCC disclosed this in a statement posted on its X handle on Monday, August 24, 2026, saying Wasiu was arrested by operatives of the Nigeria Security and Civil Defence Corps (NSCDC) following a complaint by a BDC operator, Ezekulie Stanley Chukwuamuanya.

Chukwuamuanya alleged that Wasiu defrauded him of $5,000.

According to the commission, preliminary investigations showed that the suspect allegedly rented different Toyota Hilux trucks, posed as a wealthy contractor and moved around with escorts while approaching BDC operators.

The EFCC alleged that Wasiu collected dollars from the operators before presenting fake naira transfer alerts to convince them that payments had been made.

Recounting his experience, Chukwuamuanya said: “I gave him the dollar and he counted it by himself. After confirmation, he then asked for my bank details.
“After giving him my account number, he mentioned my name that popped up on his bank application, I confirmed it. The next thing he told me was that it had gone through, which I waited for the alert to come, to no avail.”
He said Wasiu later asked him to leave, claiming the delay could be caused by a network problem.
“Because of time, he asked me to go and that I will get it, that it could be network issues and I left because of his personality,” he said, alleging that the suspect subsequently became unreachable.
Another petitioner, Chief Nwaoha Ubaferem, based in Owerri, Imo State, also accused Wasiu of defrauding him of $7,000.
Ubaferem said he initially had $2,600 but contacted his office for an additional $4,400 after Wasiu requested $7,000.
“As we were waiting, he complained that he was running late and we decided to move to Royce Road from Port Harcourt Road where he finally collected the money from me, resumed transfer, called my name and informed me that the transfer had gone which I believed but continued to expect alert from him,” he said.
The EFCC said further investigations indicated that Wasiu had allegedly travelled across the South-East and Akwa Ibom State using the same method to target BDC operators.
Items recovered from the suspect include a Toyota Hilux truck with registration number KTR 379 AA, various bank ATM cards, transfer tokens, a digital National Identification Number slip bearing the name Sunday Abiodun and two complimentary cards bearing the name Engineer Abiodun.
The commission also listed a designer Emporio Armani bag, an iPhone 17 Pro Max, a Samsung phone, a 4G pocket Wi-Fi, a Patek Philippe wristwatch, vehicle particulars, a gold bangle and a pair of Alexander McQueen shoes among the recovered items.
The EFCC said Wasiu would be charged to court after the conclusion of investigations.