EFCC arraigns man over alleged ₦700m fraud in Lagos

The Economic and Financial Crimes Commission, EFCC, has arraigned a man, Osaretin Osagiede, earlier a Lagos State High Court successful Ikeja implicit an alleged ₦700 cardinal fraud involving unauthorised entree to machine worldly and the alleged receipt of stolen property.

A connection by the anti-graft bureau said Osagiede was arraigned connected Friday, September 4, 2026, by the Lagos Zonal Directorate 1 of the EFCC earlier Justice Olukayode Ogunjobi.

The suspect is facing a three-count complaint bordering connected unauthorised entree to machine worldly and receiving allegedly stolen spot valued astatine ₦700 million.

One of the charges against him reads, “That you Osaretin Osagiede and Zacharia Lorshe (at large), betwixt March, 2025 and January 2026, successful Lagos, wrong the jurisdiction of this Honourable Court, intentionally caused the Ravenpay idiosyncratic accounts’ two-factor authentication (2FA) method to beryllium bypassed, with the intent to unafraid unauthorised entree to the bank’s information and committed an offence contrary to Section 387 of the Criminal Law of Lagos State 2011.

Another number reads, “That you Osaretin Osagiede and Zacharia Lorshe (at large), betwixt March 2025 and January 2026 successful Lagos, wrong the jurisdiction of this Honourable Court, dishonestly received the stolen sum of N700,000,000.00 (Seven Hundred Million Naira), spot of Be...