By Abiola Olawale
The Economic and Financial Crimes Commission (EFCC) has arraigned seven individuals, including three employees of an undisclosed leading first-generation bank, on charges of allegedly orchestrating a massive N8.5 billion bank fraud.
The arraignment reportedly took place on Friday, May 23, 2025, before Justice Daniel Osiagor at the Federal High Court in Ikoyi, Lagos, under the oversight of the EFCC’s Lagos Zonal Directorate 1.
The details of the arraignment were captured in a press statement issued by the EFCC on Monday.
According to the statement, the defendants—Samuel Ihechukwu Asiegbu, Fabian Chizaram Onyeimachi, Kingsley Kelechi Ejim, Hanna Okunlola Adesokan, Hamza Zakariya, Achionu Chukwuka Ubaku, and Sunday Osademe—face an eight-count charge bordering on alleged conspiracy and obtaining money under pretences.
The EFCC alleged that the group, which includes three staff members of the undisclosed bank conspired to manipulate accounts at Wema Bank, allegedly causing a loss of N8,568,090,500 in January 2025.
According to the EFCC, the defendants allegedly altered, erased, and inputted data into Wema Bank’s systems to confer economic benefits on themselves, an act that violated Section 14(1) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015.
One of the counts reads: “That you Samuel Ihechukwu Asiegbu and other persons at large, sometime in January 2025, within the jurisdiction of this honourable court knowingly and without authority caused the loss of an aggregate sum of N8,568,090,500, property of Wema Bank Plc., by altering, erasing, and inputting data held in accounts domicile in Wema Bank Plc.’s computer to confer an economic benefit on yourself.”
However, the defendants pleaded not guilty to all charges when they were read to them.
Prosecution counsel Aso Larrys Peters requested a trial date and for the defendants to be remanded in a Nigerian Correctional Facility.
However, the defence counsel for Hanna Okunlola Adesokan sought her remand in EFCC custody due to ill health, a request that Justice Osiagor granted.
Five of the defendants were remanded in the Nigerian Correctional Services facility, while Kingsley Kelechi Ejim was allowed to continue on his existing bail.
The case has been adjourned to June 6, 2025, for trial.
