A microfinance bank has recovered N114 million allegedly diverted from a customer’s account following an investigation by the Economic and Financial Crimes Commission (EFCC) that began in August 2024.

The commission handed over the recovered funds to the financial institution on Thursday, October 29, 2026, nearly two years after the bank reported the unauthorised access to the customer’s account and subsequent transfer of the money.

The Acting Zonal Director of the EFCC in Benin, Sa’ad Hanafi Sa’ad, presented a draft for the recovered N114 million to a senior bank official, Samuel Ikechukwu.

The bank had petitioned the commission in August 2024 over the alleged compromise of a customer’s account and the unauthorised movement of funds.

Investigations by the EFCC reportedly traced the diverted money to several suspects, leading to the arrest of one of them, identified as Obumneme Bright.

The commission said N114 million was recovered from Bright following his arrest and subsequent investigative efforts.

It added that investigations were continuing to identify and apprehend other individuals suspected of involvement in the alleged financial fraud.