Access Bank Staff Testifies Against Former Colleague in N5 Billion Fraud Case

A staff member of Access Bank Plc, Abdulmajeed Agboola, has testified against the bank’s former employee, Olajide Ogunmoroti, in a N5 billion fraud case.

Agboola, who was presented as the first prosecution witness by the Economic and Financial Crimes Commission (EFCC), told the Special Offences Court in Ikeja, Lagos, that Ogunmoroti allegedly accessed the bank’s server through a private laptop, resulting in a system glitch that led to the fraud.

The EFCC has charged Ogunmoroti, along with three other defendants, Michael Igbomina, David Onyeike, and Moses Iruolaje, with an amended 10-count charge bordering on stealing, retention of proceeds of crime, money laundering, obtaining credit by false pretence, and unauthorized access to computer materials. The charges partly read:

* “That you, Olajide Ogunmoroti, Michael Igbomina, David Onyeike, and Moses Iruolaje, sometime in 2023, with dishonest intent, stole and converted for your own use the sum of N2,253,827,379.23, being property of Access Bank Plc., thereby committing an offence of stealing, contrary to Sections 280 and punishable under Section 280 of the Criminal Law of Lagos State, 2015.”

* “That you, Olajide Ogunmoroti, Michael Igbomina, David Onyeike, and Moses Iruolaje, sometime in 2023, in Lagos, within the jurisdiction of this Honourable Court, with dishonest intent, stole and converted for your own use the sum of N3,473,166,731.00 (Three Billion, Four Hundred and Seventy-Three Million, One Hundred and Sixty-Six Thousand, Seven Hundred and Thirty-One Naira), property of Access Bank Plc., thereby committing an offence of stealing, contrary to Sections 280 and punishable under Section 287 of the Criminal Law of Lagos State, 2015.”

During the court session, Agboola informed the court that Ogunmoroti was the ICT representative of the Abakaliki branch of Access Bank. He stated that there was a glitch in the bank’s server, which was allegedly traced to the Abakaliki branch during investigations.

Agboola told the court that the glitch enabled customers to make withdrawals from unfunded accounts, resulting in a total exposure of over N5 billion.

The witness stated that when the CCTV footage of the bank was checked, it was discovered that the suspicious activity had been wiped out. However, investigations allegedly pointed to Ogunmoroti, who admitted to using a private laptop to access the bank’s server.

Agboola told the court that the use of personal laptops by bank staff was not allowed under the bank’s policy.

The prosecution counsel applied to tender in evidence the petitions from the bank regarding the system glitch, which was not opposed by the defence counsel. The document was subsequently admitted into evidence by the court, and the case was adjourned until May 20, 2025, for the continuation of the trial.

A consultant advises that financial institutions can minimize risks by adopting safer banking habits, strengthening institutional security frameworks, and fostering stronger collaboration among stakeholders.

This can help to prevent similar incidents and ensure a secure and efficient digital financial system.