N700m Fraud: EFCC Arraigns Osagiede In Lagos
Kehinde Adeleye
The Economic and Financial Crimes Commission, EFCC, has arraigned Osaretin Osagiede before the Lagos State High Court in Ikeja over an alleged N700 million fraud involving unauthorised access to computer material and receipt of allegedly stolen funds.
Osagiede was arraigned on Friday, September 4, 2026, by the Lagos Zonal Directorate 1 of the EFCC before Justice Olukayode Ogunjobi.
The defendant is facing a 3 count charge bordering on alleged unauthorised access to computer material and receiving stolen property valued at N700 million.
According to the EFCC, one of the charges alleges that Osagiede and Zacharia Lorshe, who is still at large, between March 2025 and January 2026 in Lagos, intentionally caused the 2 factor authentication system of Ravenpay user accounts to be bypassed.
The commission alleged that the action was carried out to gain unauthorised access to the bank’s data, contrary to Section 387 of the Criminal Law of Lagos State 2011.
Another count alleged that Osagiede and Lorshe dishonestly received N700 million belonging to Best Start Micro Finance Bank, while having reason to believe that the money was stolen.
The 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 when they were read to him in court.
Following his plea, EFCC counsel, H.U. Kofarnaisa, asked the court to fix a date for the commencement of trial.
The prosecutor also urged the court to remand the defendant in a correctional facility pending the hearing of his bail application.
Justice Ogunjobi subsequently adjourned the case until September 16, 2026, for the hearing of the bail application.
The judge ordered that Osagiede remain in a correctional facility pending the hearing.
The allegations against the defendant have not been proven in court, and he remains presumed innocent until proven guilty.
