Lagos court jails man for N8.56 billion Wema Bank fraud

Justice Rahman Oshodi of the Special Offences Court, Ikeja, Lagos, on Wednesday sentenced one Samuel Asiegbu to three years’ imprisonment without an option of fine for his involvement in an N8.56 billion cyber fraud committed against Wema Bank Nigeria Plc.

Asiegbu was charged alongside Hamza Zakaria, Nurudeen Ibrahim, and Alhaji Sulaiman (who remains at large) on a four-count charge bordering on conspiracy, stealing, and unauthorised access to a computer system, brought against them by the Economic and Financial Crimes Commission, EFCC.

The defendants were first arraigned on June 23, 2025, and all pleaded not guilty at the time.

However, Asiegbu later changed his plea to guilty, prompting the court to proceed with his conviction while the trial continues for the remaining co-defendants.

According to the EFCC, Asiegbu and his accomplices conspired in January 2025 to gain unauthorised access to Wema Bank’s computer systems and servers, through which they facilitated the theft of N8,568,090,500 from customer accounts domiciled in the bank.

The prosecution explained that the offences violated Sections 409 and 386 of the Criminal Law of Lagos State, 2011, which criminalise conspiracy, theft, and cyber intrusion.

Delivering judgment, Justice Oshodi found Asiegbu guilty on counts three and four of the charge.

He was sentenced to 10 months and eight days in prison on count three, and one year and eight months on count four, both without the option of a fine.

The judge ordered that the sentences run concurrently, making his total term of imprisonment three years, and subsequently struck out counts one and two.

Following the ruling, Justice Oshodi adjourned further hearing on the trial of the remaining defendants; Hamza Zakaria, Nurudeen Ibrahim, and Alhaji Sulaiman (still at large), to November 14, 2025.