Ex-banker Sentenced to Three Years In Prison For N8.56bn Fraud

Samuel Asiegbu, a former banker has been found guilty of fraud.

He has been sentenced to three years in prison with no option of fine over his role in an N8.56 billion fraud linked to one of Nigeria’s first-generation banks.

According to a statement posted on the EFCC’s website on Wednesday, November 5, 2025, Asiegbu was charged alongside several co-defendants on four counts of conspiracy, stealing, and unauthorised access to a computer system with intent to defraud, contrary to Sections 409 and 386 of the Lagos State Criminal Law, 2011.

The group was first arraigned before the Federal High Court in Lagos on June 23, 2025, where all pleaded not guilty. However, Asiegbu later reversed his plea to guilty, leading Justice Rahman Oshodi to convict and sentence him.

“The court sentenced Asiegbu to 10 months and eight days’ imprisonment on count three and one year and eight months on count four, both without an option of fine. The sentences are to run concurrently. Consequently, the court struck out counts one and two,” the EFCC stated.

The court adjourned the trial of the remaining defendants to November 14, 2025, for continuation of proceedings.

Earlier in May 2025, Punch Online reported that the EFCC had arraigned three Lagos bankers — Samuel Ihechukwu Asiegbu, Fabian Onyeimachi, and Kingsley Ejim Kelechi — along with four other accomplices for their alleged involvement in an N8.5 billion fraud.

EFCC spokesperson Dele Oyewale said the accused “manipulated a bank’s internal systems and altered critical banking data in January 2025, causing a financial loss totalling N8,568,090,500,” and allegedly conspired with others still at large “to execute the fraudulent transactions for personal gain.”