Man Charged for Hacking Bank to Steal N700 Million

On September 4, 2026, Osaretin Osagiede was brought before the Lagos State High Court in Ikeja by the Economic and Financial Crimes Commission (EFCC). He faces charges of unauthorised access to computer material and receiving stolen property amounting to N700 million.

The EFCC's Zonal Directorate 1 filed three counts against him, alleging that he, alongside a second suspect, Zacharia Lorshe, who is currently at large, hacked into the systems of Best Start Microfinance Bank between March 2025 and January 2026. The prosecution claims they bypassed the two-factor authentication (2FA) on Ravenpay user accounts to gain unauthorized access to the bank's data.

Osagiede entered a not-guilty plea when the charges were read. Prosecution counsel H.U.

Kofarnaisa requested that Osagiede be held in a correctional facility until the trial, which Justice Olukayode Ogunjobi granted, scheduling the next court date for September 16, 2026. Osagiede is presumed innocent until proven guilty.