In one of Nigeria’s most audacious banking fraud cases in recent years, the Economic and Financial Crimes Commission (EFCC) has charged three staff members of Wema Bank and four alleged accomplices for stealing ₦8.57 billion by allegedly hacking into the bank’s server and manipulating its internal systems.
Arraigned before Justice Nicholas Osiagor at the Federal High Court, Lagos, the accused – Samuel Asiegbu, Fabian Onyeimachi, and Kingsley Kejim, alongside four civilians – face eight criminal counts involving conspiracy, unauthorised data access, and obtaining money under false pretences.
While the trial was originally scheduled to proceed this week, it has been adjourned to June 6, 2025, due to the Eid-el-Kabir public holiday, stalling what many observers say could be a landmark case in Nigeria’s cyber-financial crime landscape.
Digital Sabotage Alleged Within a Regulated System
According to the EFCC’s case file, the alleged cyberattack occurred in January 2025, when the defendants purportedly collaborated to alter core financial data within Wema Bank’s systems, resulting in the disappearance of ₦8.57 billion.
The commission says the operation was not a traditional bank robbery, but a coordinated digital breach, allegedly orchestrated with the help of insiders and external actors, including two fugitives, Nurudeen Ibrahim and Alhaji Sulaiman, who remain at large.
Forensic investigators believe the perpetrators may have manipulated authorisation protocols, internal transfer algorithms, or authentication layers to siphon funds undetected, exploiting the very systems designed to protect customer deposits and financial stability.
A Breach of Trust and a Governance Wake-up Call
This case casts a troubling spotlight on internal vulnerabilities within Nigerian financial institutions, particularly as banking services become increasingly digital. Experts warn that this breach—if proven—highlights a systemic failure in internal audit controls, real-time monitoring, and the integrity of critical data infrastructure.
“It’s one thing to have firewalls; it’s another to have rogue elements inside the building,” said a cybersecurity analyst familiar with the matter. “This was a compromise of both trust and system.”
The Nigerian banking industry, already under scrutiny over customer data leaks and weak Know-Your-Customer (KYC) protocols, faces renewed pressure to tighten internal processes and monitor insider activities more rigorously.
Courtroom Drama and Legal Strategy
All seven defendants have pleaded not guilty to the charges. During the arraignment on May 25, 2025, EFCC prosecutors requested their remand in custody pending trial. Justice Osiagor ordered that five of the accused be held at the Nigerian Correctional Services facility.
One of the accused, Kingsley Ejim Kelechi, was permitted to remain free on existing bail conditions, while another, Hannah Okunlola Adesokan, was remanded in EFCC custody due to health-related concerns, following a special plea by her defence counsel.
The courtroom is expected to see intense legal fireworks when the trial resumes. EFCC prosecutors are believed to possess digital forensic evidence, server logs, and transaction records, which they claim will establish the digital footprint of the accused within Wema Bank’s ecosystem.
A Case That Could Redefine Corporate Risk Protocols
This case raises broader questions around corporate governance, employee access levels, and crisis detection mechanisms in Nigerian banks. If the EFCC secures a conviction, it could set a precedent for criminal culpability within the banking workforce, forcing institutions to adopt stricter internal cybersecurity frameworks.
The Nigerian public, still reeling from various high-profile corruption scandals, is watching this trial closely as a litmus test of how well the judiciary and anti-graft agencies can tackle emerging forms of white-collar crime in the digital era.
As the trial resumes on June 6, stakeholders—from the financial sector to IT regulators—will be looking not only for justice but for clues on how to better fortify Nigeria’s digital banking future against internal threats.
