Banker, Seven Others Arraigned Over Alleged ₦710 Million Fraud
Nigeria’s Police Special Fraud Unit (PSFU) has announced the arraignment of a banker and seven others over an alleged ₦710 million proof-of-funds fraud.
In a statement published on 14 October 2026, the unit said the eight defendants were arraigned on a 12-count charge before the Federal High Court in Lagos.
According to police, the investigation followed a petition concerning the alleged fraudulent disbursement of ₦710 million held in eight accounts under Post-No-Debit restrictions. These restrictions prevent withdrawals and outgoing transfers.
Police alleged that a banker, described as a Senior Relationship Officer, worked with another defendant to obtain individuals’ cooperation and identification details to facilitate the opening of accounts. Investigators also alleged that forged or disputed proof-of-funds, indemnity and Post-No-Debit documents were used in the scheme.
The unit said investigators traced suspected proceeds to connected accounts and identified vehicles and land allegedly acquired with the money. Police also alleged that portions were spent on personal obligations, gambling, trading and a beauty business.
The statement presents the police’s account of the investigation. The allegations remain unproven in court, and the defendants’ arraignment does not establish guilt.
What Does This Mean for You?
If you rely on an account name, identification card or banking document to decide whether to send money, these allegations are a reminder to look further.
These checks are useful, but each has limits. A matching account name helps confirm the destination of your money. It does not establish that the offer is genuine, that the person requesting payment is authorised to do so, or that they will deliver what they promised.
The same applies to documents. A receipt, bank statement or official-looking letter should support further checks, rather than end them.
Verify the Claim Behind the Document
If someone says a bank has approved an arrangement or guaranteed the safety of your money, confirm the specific claim directly with the institution. Obtain its contact details independently.
For incoming payments, check your own account through an official banking channel before releasing goods or sending money onward. A receipt supplied by the sender is not sufficient confirmation.
Also, understand the difference between reading a document and verifying it. Extracting an amount, account number or date from a receipt does not establish that the receipt is authentic.
Your Identity Is Not Something to Lend
Be cautious when someone asks to open or operate an account using your details, or to move money through your account for an arrangement you do not understand.
Ask why your involvement is necessary. Confirm the explanation with the bank through its official channels before sharing sensitive information or agreeing to participate.
Keep Records That Can Be Investigated
If something goes wrong, preserve original receipts, conversations, documents and payment instructions. Keep unedited copies and record the timeline of events.
Contact your bank promptly, report to the appropriate authorities, and share your experience on GoWaly to help others make informed decisions.
Move smart before your money moves
