EFCC arraigns man over alleged ₦700m fraud in Lagos

The Economic and Financial Crimes Commission, EFCC, has arraigned a man, Osaretin Osagiede, before a Lagos State High Court in Ikeja over an alleged ₦700 million fraud involving unauthorised access to computer material and the alleged receipt of stolen property.

A statement by the anti-graft agency said Osagiede was arraigned on Friday, September 4, 2026, by the Lagos Zonal Directorate 1 of the EFCC before Justice Olukayode Ogunjobi.

The defendant is facing a three-count charge bordering on unauthorised access to computer material and receiving allegedly stolen property valued at ₦700 million.

One of the charges against him reads, “That you Osaretin Osagiede and Zacharia Lorshe (at large), between March, 2025 and January 2026, in Lagos, within the jurisdiction of this Honourable Court, intentionally caused the Ravenpay user accounts’ two-factor authentication (2FA) method to be bypassed, with the intent to secure unauthorised access to the bank’s data and committed an offence contrary to Section 387 of the Criminal Law of Lagos State 2011.

Another count reads, “That you Osaretin Osagiede and Zacharia Lorshe (at large), between March 2025 and January 2026 in Lagos, within the jurisdiction of this Honourable Court, dishonestly received the stolen sum of N700,000,000.00 (Seven Hundred Million Naira), property of Best Start Micro Finance Bank, whilst having reason to believe the same to be stolen property and committed an offence contrary to Section 411 and 328(1) of the Criminal Law of Lagos State 2011.”

Osagiede, however, pleaded not guilty to the charges when they were read to him.

Following his plea, the prosecution counsel, H.U. Kofarnaisa, asked the court to fix a date for the commencement of trial.

The prosecutor also urged the court to remand the defendant in a Correctional facility pending the hearing of his bail application.

Justice Ogunjobi subsequently adjourned the matter until September 16, 2026, for the hearing of the defendant’s bail application.

The judge also ordered that Osagiede be remanded in a Correctional facility pending the hearing.