EFCC Arraigns One for N700m Fraud in Lagos

Operatives of the Economic and Financial Crimes Commission, EFCC, in Lagos, on Friday, September 4, 2026, arraigned Osaretin Osagiede before Justice Olukayode Ogunjobi of the Lagos State High Court sitting in Ikeja, over an alleged N700 million fraud. Osagiede is standing trial on a three-count charge bordering on unauthorised access to computer material and receiving stolen property to the tune of N700 million. Count one 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 counts 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.' The defendant pleaded 'not guilty' to the charge. In view of his plea, prosecution counsel, H.U. Kofarnaisa, requested a trial date and urged the court to remand the defendant in a Correctional facility pending the hearing of his bail application. Justice Ogunjobi adjourned the matter to September 16, 2026, for hearing of the bail application and ordered that Osagiede be remanded in a Correctional facility. READ ALSO: