The arrest of Kolawole, 37, was sequel to a petition submitted to the Commission by Predictus Remit Limited, a subsidiary of Fairmoney Microfinance Bank.

The petitioner alleged that Kolawole, alongside the company directors – Duru Ogadima, Talukder Muhammed Khalidur Rahman (both currently at large) and their firm, DKK Partners Limited, fraudulently obtained the said sum under the pretext of facilitating a foreign exchange transaction.

The funds were allegedly received on November 25, 2025, with the understanding that the Dollar equivalent of $675,219.44 (Six Hundred and Seventy-Five Thousand, Two Hundred and Nineteen United States Dollars, Forty-Four Cents) would be remitted.

Preliminary investigations by the EFCC revealed that the suspects allegedly received the funds through a Providus Bank account and, instead of executing the agreed transaction, converted the money into digital currency and diverted it for personal use.

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