In what has been described as one of Nigeria’s largest cybercrime-related banking frauds in recent years, three employees of Wema Bank and four others have been remanded for allegedly hacking into the bank’s computer systems and diverting over ₦8.5 billion.

The Economic and Financial Crimes Commission (EFCC) arraigned the suspects before Justice Mojisola Dada of the Special Offences Court, Ikeja, Lagos, on an eight-count charge bordering on conspiracy, unauthorized access, impersonation, and obtaining money under false pretences.

According to the EFCC, the accused—Samuel Ihechukwu Asiegbu, Ejim Kingsley Kelechi, Hamzat Zakariya, Onyeimachi Fabian, Achonu Chukwuka Ubaka, Sunday Osademe, and Nurudeen Ibrahim—allegedly gained unauthorized access to Wema Bank’s server in January 2025, with intent to facilitate the theft of ₦8,568,090,500 from accounts domiciled within the bank.

Count Four of the charge sheet reads in part:

“Samuel Ihechuckwu Asiegbu, Ejim Kingsley Kelechi, Hamzat Zakariya, Onyeimachi Fabian, Achonu Chukwuka Ubaka, Sunday Osademe, and Nurudeen Ibrahim, Alhaji Sulaiman (at large), and other persons (at large), sometime in January 2025, had unauthorized access to Wema Bank computer and server with intent to facilitate the stealing of an aggregate sum of ₦8,568,090,500 from accounts domiciled at Wema Bank Nigeria PLC. This act contravenes Section 386 of the Criminal Law of Lagos State, 2011.”

The prosecution further noted that the internal breach was aided by the involvement of Wema Bank insiders, making it a sophisticated case of cyber-enabled financial fraud.

All seven defendants pleaded not guilty to the charges. The presiding judge, Justice Olubunmi Abike-Fadipe, ordered their remand and later transferred the matter to Justice Oluwatoyin Taiwo, who adjourned the case for trial to September 15, 2025.

EFCC spokespersons emphasized the growing complexity of cybercrime cases in the country, especially those involving financial institutions and insider collusion. They noted that investigations are ongoing to apprehend additional suspects mentioned as “at large,” including one Alhaji Sulaiman and unnamed accomplices.

Wema Bank has yet to issue an official public statement on the matter but is reportedly cooperating fully with investigators.

The case is expected to draw further attention as the trial date approaches, with industry experts calling for tighter digital safeguards and improved monitoring protocols across Nigerian banks.

By Erewunmi peace