EFCC Arraigns Man Over Alleged N700m Fraud, Cyber Access in Lagos
The Economic and Financial Crimes Commission, EFCC, has arraigned Osaretin Osagiede before the Lagos State High Court in Ikeja over an alleged N700 million fraud involving the unauthorised access of bank data.
The EFCC said its Lagos Zonal Directorate 1 arraigned Osagiede before Justice Olukayode Ogunjobi on September 4, 2026, on a three count charge bordering on unauthorised access to computer material and receiving stolen property.
The anti graft agency alleged that 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 bank data.
According to the EFCC, the alleged offences were committed between March 2025 and January 2026 in Lagos.
The defendant was also accused of dishonestly receiving N700 million belonging to Best Start Micro Finance Bank, 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 fix a date for trial and sought an order remanding the defendant in a correctional facility pending the hearing of his bail application.
Justice Ogunjobi adjourned the case until September 16, 2026, for hearing of the bail application and ordered that Osagiede remain in a correctional facility pending the next hearing.
