By Stephen Simon
The Economic and Financial Crimes Commission, EFCC, has arraigned a man, Osaretin Osagiede, before the Lagos State High Court sitting in Ikeja over an alleged N700 million fraud involving unauthorised access to bank accounts.
Osagiede was arraigned before Justice Olukayode Ogunjobi on a three-count charge bordering on unauthorised access to computer material and receiving stolen property.
The EFCC alleged that Osagiede and another suspect, Zacharia Lorshe, who is currently at large, bypassed the two-factor authentication system on Ravenpay user accounts between March 2025 and January 2026.
According to the anti-graft agency, the alleged breach was carried out to gain unauthorised access to banking data and facilitate the transfer of funds.
The commission further alleged that the defendants received N700 million belonging to Best Start Micro Finance Bank, knowing that the money was allegedly stolen.
Osagiede, however, pleaded not guilty to the charges when they were read to him.
Following his plea, the prosecution asked the court to adjourn the matter for trial and requested that the defendant be remanded pending the hearing of his bail application.
Justice Ogunjobi consequently ordered that Osagiede be remanded in a correctional facility and adjourned the case until September 16, 2026, for hearing of his bail application.
The prosecution’s allegations have not been tested at trial, and the defendant remains presumed innocent unless found guilty by the court.
