EFCC Arraigns Bank Workers and Accomplices for Alleged N8.5 Billion Cybercrime Fraud in Lagos
In a high-profile fraud case that has sent shockwaves through Nigeria’s financial and legal sectors, the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on Friday, May 23, 2025, arraigned three bank employees—Samuel Ihechukwu Asiegbu, Fabian Chizaram Onyeimachi, and Kingsley Kelechi Ejim—before Justice Daniel Osiagor at the Federal High Court in Ikoyi, Lagos. The trio, who were staff members of a major Nigerian bank, are facing grave allegations alongside four other individuals linked to the alleged fraud.
According to the EFCC's official statement, the suspects were arraigned on an eight-count charge bordering on conspiracy and obtaining money under false pretences—a violation of the Cybercrimes (Prohibition, Prevention, etc.) Act of 2015. The staggering amount involved in the alleged cyber fraud is ₦8.5 billion (Eight Billion, Five Hundred and Sixty-Eight Million, Ninety Thousand, Five Hundred Naira).
Details of the Charges
The charges, as read in court, outline a well-orchestrated scheme that allegedly targeted bank accounts domiciled in Wema Bank Nigeria Plc. The suspects, the EFCC claims, conspired to manipulate the bank's internal data systems to illegally siphon billions of naira for personal gain.
One of the official charges reads:
“That you SAMUEL IHECHUKWU ASIEGBU, EJIM KINGSLEY KELECHI, HAMZA ZAKARIA, ONYEIMACHI FABIAN, ACHIONU CHUKWUKA UBAKA, ADESOKAN, HANNAH OKUNLOLA, Nurudeen Ibrahim (at large), Alhaji Sulaiman (at large) and other persons at large sometime in January 2025, 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, and thereby committed an offence contrary to Section 27(1)(a) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 and punishable under the same Act.”
Another count elaborates on the method of operation:
“That you SAMUEL IHECHUKWU ASIEGBU and other persons at large, sometime in January 2025, within the jurisdiction of this honorable court, knowingly and without authority caused the loss of an aggregate sum of ₦8,568,090,500 property of Wema Bank Plc. by altering, erasing, and inputting data held in accounts domiciled in Wema Bank's computer systems for the purpose of conferring economic benefit on yourself, and you thereby committed an offence contrary to Section 14(1) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 and punishable under the same Act.”
Who Are the Accused?
In addition to the three bank staff, the EFCC also arraigned four other individuals alleged to have played supporting roles in the massive fraud scheme:
-
Hanna Okunlola Adesokan
-
Hamza Zakariya
-
Achionu Chukwuka Ubaku
-
Sunday Osademe
Two additional suspects—Nurudeen Ibrahim and Alhaji Sulaiman—remain at large, with the EFCC continuing its efforts to bring them to justice.
Pleas and Court Proceedings
When the charges were formally presented in court, all the defendants pleaded not guilty. This led the prosecution counsel, Aso Larrys Peters, to request that the court set a date for trial and remand the accused individuals in the custody of the Nigerian Correctional Service (NCS) pending further hearings.
“In view of their not-guilty pleas, we pray the court to remand the defendants in the Nigerian Correctional Facility and fix a date for trial,” said Peters during the court session.
However, defence counsel representing Hanna Okunlola Adesokan made a special appeal, citing her delicate health condition. He requested that she be remanded in EFCC custody rather than the general prison system.
After hearing arguments from both sides, Justice Daniel Osiagor made the following rulings:
-
Five of the defendants were remanded in the Nigerian Correctional Service (NCS) facility.
-
Kingsley Kelechi Ejim was allowed to remain on existing bail, likely tied to a prior related case.
-
Hanna Okunlola was ordered to be kept in EFCC custody, given her health-related concerns.
The judge then adjourned the case to June 6, 2025, for the commencement of trial.
Legal and Financial Implications
This case underscores the growing threat of cybercrime in Nigeria’s banking sector, a challenge that both the EFCC and the Central Bank of Nigeria (CBN) have been actively working to combat. The magnitude of the fraud—₦8.5 billion—highlights potential lapses in internal control systems, employee vetting, and cybersecurity frameworks within some Nigerian banks.
Financial experts have warned that if left unchecked, insider fraud of this nature could destabilize public trust in the financial system. It also serves as a cautionary tale for financial institutions to invest more in fraud detection software, employee monitoring, and cybercrime prevention training.
What Comes Next?
With the trial date now set for June 6, 2025, all eyes will be on the Federal High Court in Ikoyi as Nigerians await justice. If found guilty, the accused face severe penalties, including lengthy prison sentences, asset forfeiture, and fines, as prescribed under the Cybercrimes Act.
The Bigger Picture
Cybercrime has become one of the fastest-growing forms of crime in Nigeria, with perpetrators ranging from individual hackers to sophisticated crime syndicates involving insiders. The EFCC has reiterated its commitment to tracking down and prosecuting anyone found engaging in fraudulent practices, particularly those exploiting digital vulnerabilities in the banking sector.
The involvement of bank employees in this case makes it particularly disturbing. These are individuals entrusted with the safety of customers' money and the integrity of the financial system. Their alleged betrayal of this trust is what makes this case not only legally significant but morally outrageous.
Stay connected to NaijaRush as we follow this explosive case, providing updates on court proceedings, verdicts, and reactions from the legal and banking communities. Let this be a reminder that corruption and cybercrime will no longer go unchecked in Nigeria.
