EFCC arraigns man over alleged ₦700m fraud in Lagos
The Economic and Financial Crimes Commission (EFCC) has filed charges against Osaretin Osagiede in connection with a ₦700 million fraud case involving unauthorized access to computer systems and the receipt of stolen property.
Osagiede was arraigned on September 4, 2026, at the Lagos State High Court in Ikeja before Justice Olukayode Ogunjobi. He faces a three-count indictment related to unauthorized computer access and receiving stolen property worth ₦700 million.
According to court documents, one charge alleges that Osagiede and an individual identified as Zacharia Lorshe, who is currently at large, bypassed the two-factor authentication (2FA) for Ravenpay user accounts between March 2025 and January 2026 in Lagos. This action allegedly aimed to gain unauthorized access to the financial institution’s data, constituting a violation of Section 387 of the Criminal Law of Lagos State 2011.
A second charge states that Osagiede and Lorshe received ₦700 million belonging to Best Start Micro Finance Bank, knowing it to be stolen property. This conduct allegedly violates Sections 411 and 328(1) of the same legal framework.
Osagiede pleaded not guilty to all charges. Following his plea, prosecutor H.U. Kofarnaisa requested the court to set a date for the trial’s commencement and asked for the defendant to be remanded in a correctional facility pending a ruling on his bail request.
Justice Ogunjobi has adjourned the proceedings until September 16, 2026, for the hearing of the bail application and ordered Osagiede’s remand in custody until then.
