Man in Court for Allegedly Hacking Bank System to Steal N700m
- The EFCC brought Osaretin Osagiede before a Lagos High Court on a three-count charge linked to an alleged N700 million fraud
- Prosecutors accused Osagiede and a second suspect, currently at large, of bypassing two-factor authentication on Ravenpay user accounts
- Osagiede pleaded not guilty and was remanded in a correctional facility pending a bail hearing
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Economic and Financial Crimes Commission (EFCC) on Friday, September 4, 2026, brought Osaretin Osagiede before the Lagos State High Court in Ikeja, charging him with unauthorised access to computer material and receiving stolen property totalling N700 million.
Source: Getty Images
The Lagos Zonal Directorate 1 of the EFCC filed three counts against Osagiede, alleging that he hacked into the systems of Best Start Microfinance Bank and received N700 million belonging to the institution.
How the Alleged Hack Happened
According to the prosecution, Osagiede and a second suspect, Zacharia Lorshe, who remains at large, carried out the scheme between March 2025 and January 2026 in Lagos.
Prosecutors told the court that the two men deliberately caused the two-factor authentication (2FA) method on Ravenpay user accounts to be bypassed, allowing them to gain unauthorised access to the bank's data.
That alleged act is said to contravene Section 387 of the Criminal Law of Lagos State 2011.
A separate count accuses Osagiede and Lorshe of dishonestly receiving the N700 million, knowing or having reason to believe the funds were stolen, in breach of Sections 411 and 328(1) of the same law.
Court Orders Remand, Sets Bail Hearing
When the charges were read, Osagiede entered a not-guilty plea.
Prosecution counsel H.U. Kofarnaisa urged the court to adjourn for trial and asked that the defendant be held in a correctional facility until his bail application could be heard.
Source: Twitter
Justice Olukayode Ogunjobi granted the request, ordering that Osagiede be remanded and scheduling the bail hearing for September 16, 2026.
The allegations against Osagiede have not been proved in court, and he is presumed innocent unless and until a court determines otherwise.
One of the charges reads:
“That you Osaretin Osagiede and Zacharia Lorshe (at large), between March, 2025 and January 2026, in Lagos, within the jurisdiction of this court, intentionally caused the Ravenpay user accounts’ two-factor authentication (2FA) method to be bypassed, with the intent to secure unauthorised access to the bank’s data and committed an offence contrary to Section 387 of the Criminal Law of Lagos State 2011”
NDPC investigative data breach
Earlier, Legit.ng reported that the Nigeria Data Protection Commission (NDPC) has launched an investigation into an alleged data breach involving Remita Payment Services Ltd., Sterling Bank, and other institutions.
Head of Legal, Enforcement and Regulations, Babatunde Bamigboye, confirmed that a formal notice of investigation was served on April 1 in line with regulatory procedures.
According to him, the scope of the investigation includes the types of personal data involved, the nature and extent of the alleged breach, potential risks to affected individuals, and mitigation steps taken where a breach is confirmed.
Source: Legit.ng
