N8.5 Billion Cyber-Fraud: EFCC Arraigns Bank Staff, Accomplices in Massive Financial Scam!

A significant case highlighting the vulnerabilities within financial institutions has emerged from Lagos, as the Economic and Financial Crimes Commission (EFCC) arraigned three bank employees and their alleged associates in connection with a massive N8.5 billion cyber-fraud scheme. The incident underscores the critical threat posed by insider collaboration in financial crimes.

On Friday, May 23, 2025, Samuel Ihechukwu, Fabian Chizaram, and Kingsley Kelechi Ejim, all identified as employees of a prominent bank, appeared before Justice Daniel Osiagor of the Federal High Court in Ikoyi, Lagos. They were arraigned alongside Hanna Okunlola Adesokan, Hamza Zakariya, Achionu Chukwuka Ubaku, and Sunday Osademe on an eight-count charge of conspiracy and obtaining under false pretense.

According to the EFCC statement, the alleged conspiracy, which took place in January 2025, involved causing "loss of property to bank accounts domicile in Wema Bank Nigeria Plc. in order to confer economic benefit to yourselves." A specific charge accuses Samuel Ihechukwu Asiegbu and others of "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. computer..."  actions that betray the very trust placed in banking professionals.

All defendants entered a plea of not guilty. The prosecution counsel, Aso Larrys Peters, requested a trial date and the remand of the defendants. Justice Osiagor subsequently adjourned the matter to June 6, 2025, for trial. Five of the accused were remanded in the Nigerian Correctional Services (NCS), while Kingsley Ejim Kelechi continues on his existing bail. Notably, Hanna Okunlola was remanded in EFCC custody following concerns about her health.

This case serves as a grave reminder of the devastating impact of insider fraud and the ongoing efforts by the EFCC to combat financial crimes, especially those that erode public trust in banking systems.