Court sentences banker to one year’s imprisonment

The Lagos State Special Offences Court in Ikeja has sentenced a banker, Samuel Asiegbu, to one year’s imprisonment without an option of fine for his role in an alleged N8.56 billion fraud.

In a statement released on Wednesday, the Economic and Financial Crimes Commission (EFCC), the prosecuting agency, revealed that the fraud took place at a first-generation bank, whose name was not disclosed.

The judge Rahman Oshodi delivered the judgement on Wednesday after Mr Asiegbu changed his plea from not guilty to guilty.

Mr Asiegbu was arraigned alongside other defendants on four counts of conspiracy, stealing, and unauthorised access to a computer system with intent to commit fraud, contrary to Sections 409 and 386 of the Criminal Law of Lagos State, 2011.

He was first arraigned on 23 June, when all the defendants pleaded not guilty.

He later opted to change his plea, prompting the court to convict and sentence him accordingly.

Mr Oshodi sentenced Mr Asiegbu to 10 months and 8 days’ imprisonment on count three and one year and eight months on count four—both without an option of fine. The court subsequently struck out counts one and two.

The sentences are to run concurrently, which means the convict will spend one year in prison, being the longer jail time imposed by the judge.

The matter was adjourned till 14 November for the continuation of the trial against the remaining defendants.

The sentencing at the Lagos State Special Offences Court relates to a separate charge from the one previously filed at the Federal High Court, where Mr Asiegbu and others are also facing trial over alleged involvement in the N8.56 billion fraud scheme.

The EFCC had earlier arraigned three bankers and four alleged accomplices before the Federal High Court in Lagos over their alleged involvement in an N8.56 billion fraud scheme.

The bankers – Mr Asiegbu, Fabian Onyeimachi, and Kingsley Ejim Kelechi – were charged alongside Hannah Okunlola Adesokan, Hamza Zakariya, Achionu Ubaku, and Sunday Osademe on eight counts of conspiracy and obtaining money under false pretence.

The commission alleged that the defendants manipulated the bank’s internal systems and altered critical banking data in January 2025, causing a loss of N8,568,090,500.

They were also accused of conspiring with others still at large to carry out the fraudulent transactions for their own benefit, contrary to Section 27(1)(a) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015.

All the defendants pleaded not guilty.

Following their plea, EFCC lawyer Aso Peters requested a trial date and asked the court to remand them in the custody of the Nigerian Correctional Service (NCoS).