EFCC Charges Osaretin Osagiede with N700m Fraud
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) has arraigned Osaretin Osagiede before the Lagos State High Court in Ikeja on charges related to an alleged N700 million fraud. Osagiede appeared before Justice Olukayode Ogunjobi facing a three-count charge that includes unauthorized access to computer material and receiving stolen property.
The first count alleges that Osagiede, along with an accomplice Zacharia Lorshe, who is currently at large, bypassed the two-factor authentication of Ravenpay user accounts between March 2025 and January 2026 in Lagos, intending to gain unauthorized access to the bank's data. The second count accuses them of dishonestly receiving the stolen sum of N700 million, property of Best Start Micro Finance Bank, during the same period, with knowledge that it was stolen.
These actions are said to contravene Sections 387, 411, and 328(1) of the Criminal Law of Lagos State 2011.
Plus234Feed summary based on reporting from Blueprint. Read the original report below.
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