EFCC Arraigns Man Over 700 Million Naira Fraud Allegation In Lagos

The Economic and Financial Crimes Commission, EFCC, has arraigned one Osaretin Osagiede before the Lagos State High Court in Ikeja over an alleged 700 million naira fraud. Osagiede was arraigned on a three-count charge bordering on unauthorised access to computer material and receiving stolen property. The EFCC alleged that between March 2025 and January 2026, Osagiede and another suspect, Zacharia Lorshe, who is currently at large, bypassed the two-factor authentication system of Ravenpay user accounts to gain unauthorised access to banking data. The Commission also alleged that the defendant dishonestly received N700 million belonging to Best Start Micro Finance Bank, despite allegedly knowing that the money was stolen. Osagiede pleaded not guilty to the charges. Following his plea, prosecution counsel, H.U. Kofarnaisa, asked the court to remand the defendant in a correctional facility pending the hearing of his bail application. Justice Olukayode Ogunjobi adjourned the case until September 16, 2026, for hearing of the bail application and ordered that Osagiede be remanded in a correctional facility. Follow AIT News on WhatsApp, AfricaIndependentTV on YouTube, ait_online on Facebook and X (Formerly Twitter), and officialait on TikTok, Instagram and Threads) (Editor: Anoyoyo Ogiagboviogie)