EFCC drags man to court over alleged N700m stolen funds

EFCC drags man to court over alleged N700m stolen funds

Michael Olumide Alabi

Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, has arraigned Osaretin Osagiede before the Lagos State High Court sitting in Ikeja over an alleged N700 million fraud.

Osagiede was arraigned on Friday, September 4, 2026, before Justice Olukayode Ogunjobi on a three-count charge bordering on unauthorised access to computer material and receiving stolen property.

According to the Head, Media & Publicity, EFCC, Mr. Dele Oyewale, the defendant was alleged to have, alongside Zacharia Lorshe, who is currently at large, between March 2025 and January 2026 in Lagos, caused the two-factor authentication (2FA) method on Ravenpay user accounts to be bypassed with the intention of gaining unauthorised access to bank data.

The EFCC alleged that the act contravened Section 387 of the Criminal Law of Lagos State, 2011.

Another count alleged that Osagiede and Lorshe dishonestly received the sum of N700 million belonging to Best Start Micro Finance Bank, while having reason to believe that the money was stolen property.

The alleged offence was said to be contrary to Sections 411 and 328(1) of the Criminal Law of Lagos State, 2011.

Osagiede pleaded “not guilty” to the charges.
Following his plea, prosecution counsel, H.U. Kofarnaisa, asked the court to fix a date for trial and urged it to remand the defendant in a correctional facility pending the hearing of his bail application.

Justice Ogunjobi subsequently adjourned the matter until September 16, 2026, for the hearing of the bail application.

The judge also ordered that Osagiede be remanded in a correctional facility pending the hearing.

The charges against Osagiede remain allegations, and he is presumed innocent until proven guilty by the court.