The Economic and Financial Crimes Commission (EFCC) has arraigned a tech professional before the Special Offences Court in Ikeja, Lagos over an alleged ₦700 million cyber-heist targeting a local microfinance bank.
The Economic and Financial Crimes Commission (EFCC) has brought a suspect, Osaretin Osagiede before the Lagos State High Court in Ikeja over his alleged involvement in an N700 million digital bank fraud.
Appearing before Justice Olukayode Ogunjobi, Osagiede faces a three-count charge centered on unauthorized access to computer systems and dishonestly receiving stolen funds belonging to Best Start Microfinance Bank.
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According to court filings from the EFCC’s Lagos Zonal Directorate 1, the alleged breach occurred between March 2025 and January 2026. Prosecutors state that Osagiede collaborated with another suspect, Zacharia Lorshe, who remains at large to compromise digital security measures.
The anti-graft agency alleges that the duo bypassed the two-factor authentication (2FA) verification system on user accounts managed by payment provider Ravenpay. Disabling this security layer enabled the suspects to gain unauthorized access to internal banking data and move N700 million belonging to Best Start Microfinance Bank.
During the court appearance, Osagiede pleaded not guilty to all charges.
Following the plea, EFCC prosecution counsel H.U. Kofarnaisa requested a trial date and asked the court to hold the defendant in custody while awaiting formal proceedings. Defense representatives presented an application for bail.
Justice Ogunjobi ordered that Osagiede be remanded in a correctional center pending the outcome of his bail application, adjourning the case until September 16, 2026 for a formal hearing.
