Wema Bank Officials, Others Arraigned for Alleged ₦8.5 Billion Fraud
Seven individuals, including three employees of Wema Bank Plc, have been arraigned in court for their alleged involvement in ₦8.5 billion fraud.
The Economic and Financial Crimes Commission (EFCC) brought the suspects before Justice Daniel Osiagor of the Federal High Court in Ikoyi on Friday, accusing them of conspiracy to defraud and cybercrime.
According to the EFCC, the accused, along with some accomplices still at large, allegedly manipulated data within Wema Bank’s system in January 2025 to siphon money for personal gain.
The prosecution claims that the group conspired to erase and alter computer data tied to accounts domiciled in the bank, with the aim of stealing a total of ₦8,568,090,500.
The suspects, who pleaded not guilty to all eight counts read before the court, include:
Samuel Ihechukwu Asiegbu, a Wema Bank employee
Fabian Chizaram Onyeimachi, a Wema Bank employee
Kingsley Kelechi Ejim, a Wema Bank employee
Hanna Okunlola Adesokan
Hamza Zakariya
Achionu Chukwuka Ubaku
Sunday Osademe
The prosecution, led by Aso Larrys Peters, requested that the defendants be remanded in correctional custody pending the start of proceedings.
However, the defence counsel pleaded for Hanna Okunlola Adesokan to be remanded in EFCC custody instead, citing her poor health.
Justice Osiagor granted the request and ordered that Okunlola remain in EFCC custody. He also directed that five of the accused be held at the Nigerian Correctional Services facility until trial. Kingsley Kelechi Ejim, who had earlier been granted bail, was allowed to remain under his existing bail conditions.
The alleged fraud is a significant blow to Wema Bank, which has been working to strengthen its cybersecurity measures in recent years.
The bank’s management has yet to comment on the allegations, but the EFCC has vowed to thoroughly investigate the matter and bring those responsible to justice.
The trial is set to begin soon, and the outcome will be closely watched by the banking industry and the general public.
As the investigation continues, more details are expected to emerge about the alleged fraud and the individuals involved.
