EFCC Arraigns Individual Over Alleged N700 Million Fraud
By Sherif Salau
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on Friday, 4 September 2026, arraigned Osaretin Osagiede before Justice Olukayode Ogunjobi of the Lagos State High Court sitting in Ikeja.
Osagiede is facing a three-count charge relating to unauthorised access to computer material and receiving stolen property valued at N700 million.
The first count alleges that between March 2025 and January 2026, Osagiede and Zacharia Lorshe (still at large) intentionally caused the two-factor authentication method on Ravenpay user accounts to be bypassed with the intent to secure unauthorised access to bank data. This is charged under Section 387 of the Criminal Law of Lagos State 2011.
A further count states that the same individuals dishonestly received the sum of N700 million, property of Best Start Micro Finance Bank, while having reason to believe the funds were stolen property, contrary to Sections 411 and 328(1) of the Criminal Law of Lagos State 2011.
The defendant entered a plea of not guilty.
Prosecution counsel H.U. Kofarnaisa applied for a trial date and requested that the defendant be remanded in a correctional facility pending the hearing of his bail application.
Justice Ogunjobi adjourned the matter to 16 September 2026 for the hearing of the bail application and ordered that Osagiede be remanded in custody.
