The Economic and Financial Crimes Commission (EFCC) has brought formal charges against three Lagos-based bank employees and four alleged accomplices over their involvement in a coordinated fraud scheme amounting to ₦8.5 billion.
The accused — Samuel Ihechukwu Asiegbu, Fabian Onyeimachi, Kingsley Ejim Kelechi, Hannah Okunlola Adesokan, Hamza Zakariya, Achionu Ubaku, and Sunday Osademe — were arraigned before Justice Daniel Osiagor of the Federal High Court in Lagos on eight counts related to conspiracy, cybercrime and obtaining funds under false pretence.
According to official details released by EFCC spokesperson Dele Oyewale, the individuals allegedly exploited internal access to banking systems to manipulate digital records and facilitate unauthorized transactions.
The breach, which occurred in January 2025, resulted in direct financial losses totaling ₦8,568,090,500.
The commission disclosed that the suspects acted in collaboration with other individuals still at large. The transactions were designed to divert funds for personal gain by bypassing the institution’s security and internal audit controls.
EFCC’s counsel, Aso Peters, informed the court that the agency is prepared for trial and requested the defendants be remanded in custody pending proceedings. All seven individuals pleaded not guilty to the charges.
The defence counsel for Hannah Okunlola requested she be held at EFCC custody due to reported medical concerns. Justice Osiagor ruled in favour of the prosecution’s motion to remand five of the accused at the Nigerian Correctional Service.
One defendant, Kingsley Ejim Kelechi, was permitted to remain on existing bail, while Okunlola was ordered to remain temporarily in EFCC custody.
Trial proceedings have been scheduled to begin on June 6, 2025.
The EFCC stated that this case reflects ongoing efforts to strengthen accountability within Nigeria’s financial institutions and prevent internal collusion in high-value cyber-enabled fraud.
Investigations are continuing, with additional suspects expected to be identified as part of a broader crackdown on systemic manipulation within the banking sector.
