EFCC Arraigns Three Bankers, Four Others for N8.5bn Bank Fraud in Lagos

The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on Friday, May 23, 2025, arraigned seven individuals, including three staff of a prominent first-generation bank, before Justice Daniel Osiagor of the Federal High Court sitting in Ikoyi, Lagos. The arraigned bankers—Samuel Ihechukwu Asiegbu, Fabian Chizaram Onyeimachi, and Kingsley Kelechi Ejim—faced a litany of grave allegations centered on cyber-enabled bank fraud.

Their co-defendants, identified as Hanna Okunlola Adesokan, Hamza Zakariya, Achionu Chukwuka Ubaku, and Sunday Osademe, were jointly charged with them. They all stand accused of engaging in a sophisticated conspiracy to defraud Wema Bank Nigeria Plc. of over N8.5 billion through manipulation of digital banking systems.

Cybercrime Charges and Complex Conspiracy Unveiled

The defendants were slammed with an eight-count charge involving conspiracy and obtaining funds under false pretence. According to the EFCC, the alleged fraud occurred in January 2025 and involved coordinated digital manipulations aimed at compromising customer accounts domiciled in Wema Bank.

One of the charges reads: “That you…conspired amongst yourselves to cause loss of property to bank accounts domiciled in Wema Bank Nigeria Plc. in order to confer economic benefit to yourselves…” This act, according to the EFCC, violates Section 27(1)(a) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015.

Another damning count accused the lead defendant, Samuel Ihechukwu, of tampering with digital banking records to facilitate the unauthorized transfer of N8.568 billion. These activities allegedly involved data alteration, erasure, and unauthorized input into Wema Bank’s computer systems.

Plea and Legal Maneuvers in Courtroom

When the charges were read out in court, all the defendants pleaded not guilty. Following their pleas, the EFCC’s prosecuting counsel, Aso Larrys Peters, requested an adjournment to commence trial and urged the court to remand the accused persons in a Nigerian Correctional Facility pending further proceedings.

Defense counsel made a notable exception for one of the defendants, Hanna Okunlola, citing her health condition and asking the court to allow her remain in EFCC custody where she was receiving treatment. The request underscored the legal complexities and human dimension of the unfolding case.

Justice Osiagor, in response, granted the EFCC’s prayer for adjournment and fixed June 6, 2025, as the trial commencement date. He further ruled that five of the accused be remanded in the Nigerian Correctional Services (NCS), while Kingsley Kelechi Ejim was allowed to continue on his existing bail terms. Okunlola was directed to remain in EFCC custody due to her medical concerns.

EFCC’s Cybercrime Crackdown Intensifies

The arraignment is the latest in EFCC’s expanded crackdown on bank-related cybercrimes, which the commission has described as a growing threat to Nigeria’s financial system. Over the past year, several similar cases involving insider fraud and digital banking exploitation have surfaced, signaling a troubling trend.

A source within the commission stated that the EFCC’s forensic department traced a coordinated network of account alterations and digital authorizations that enabled the fraudulent transfers. The complex digital trail ultimately led to the arrest of the suspects and the subsequent charges brought against them.

The commission also revealed that two additional suspects, Nurudeen Ibrahim and one Alhaji Sulaiman, remain at large. Both are believed to have played key roles in the operation and are actively being pursued by law enforcement authorities.

Public Concern and Institutional Accountability

The revelations surrounding the case have sparked public concern, particularly about internal controls in Nigerian banks and the apparent ease with which insider access can be exploited. Financial analysts warn that without stronger digital safeguards, more institutions could fall prey to similar schemes.

Consumer rights advocates have called for thorough investigations and institutional audits to restore public confidence. “This is not just about the accused persons,” said a legal analyst. “This is a test of the integrity of Nigeria’s banking system and the capacity of regulatory agencies to prevent and detect cyber-fraud at scale.”

The trial scheduled to begin on June 6 is expected to draw significant public and media attention, given the magnitude of the fraud and the involvement of bank insiders. The EFCC has assured the public that it will leave no stone unturned in prosecuting all involved parties and recovering stolen funds.