The Economic and Financial Crimes Commission (EFCC) has returned ₦114 million to a microfinance bank after the institution’s customer had their account hacked and the funds withdrawn.
The recovered amount was seized by the EFCC following a cyber‑fraud investigation that uncovered the unauthorized transfer of the customer’s balance.
EFCC officials confirmed that the money had been recovered from the fraudulent account and was subsequently handed back to the bank, which is licensed to provide micro‑finance services to small businesses and individuals across Nigeria.
While the details of the hacking incident remain confidential, the commission’s action demonstrates its ongoing efforts to recover stolen funds and protect the financial interests of Nigerian customers.
Microfinance banks play a vital role in Nigeria’s economy by offering credit and savings products to underserved communities, and the return of the ₦114 million helps to restore confidence in the sector.
<small>Source: Punch Nigeria — read the original story there.</small>