Banker Sentenced To One Year In Prison Over N8.56bn Fraud Case

The Lagos State Special Offences Court in Ikeja has sentenced banker Samuel Asiegbu to one year in prison for his involvement in an alleged N8.56 billion fraud, with no option of fine. According to a statement released on Wednesday by the Economic and Financial Crimes Commission (EFCC), the fraud occurred within a first-generation bank whose name was not disclosed.

Justice Rahman Oshodi delivered the judgment after Asiegbu changed his plea from not guilty to guilty. He was initially arraigned on 23 June alongside several others 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 Lagos State Criminal Law, 2011.

Following his change of plea, the court convicted him and imposed a sentence of 10 months and 8 days on count three and one year and eight months on count four, both without an option of fine. The court struck out counts one and two. With the sentences running concurrently, Asiegbu will serve one year in prison, the longer of the two terms.

The case was adjourned to 14 November for continuation of trial involving the remaining defendants.

This sentencing is separate from the charges pending at the Federal High Court, where Asiegbu and six others are also standing trial over the same alleged N8.56bn fraud scheme. Previously, the EFCC arraigned three bankers, Asiegbu, Fabian Onyeimachi, and Kingsley Ejim Kelechi along with Hannah Okunlola Adesokan, Hamza Zakariya, Achionu Ubaku, and Sunday Osademe on eight counts of conspiracy and obtaining money under false pretence.

The EFCC alleged that the group manipulated the bank’s internal systems and altered vital banking data in January 2025, resulting in a loss of N8,568,090,500. They were also accused of collaborating with others still at large to execute the fraudulent transactions, an offence contrary to Section 27(1)(a) of the Cybercrimes Act, 2015.

All defendants pleaded not guilty. EFCC counsel Aso Peters requested a trial date and asked that the accused be remanded in Nigerian Correctional Service (NCoS) custody. Although counsel for Ms Okunlola sought that she remain in EFCC custody due to health concerns, Justice Daniel Osiagor granted the prosecution’s request and scheduled trial for 6 June.

Five defendants were remanded in NCoS custody, Kelechi continued on his earlier bail, and Ms Okunlola was ordered to remain in EFCC custody pending further proceedings.