The Economic and Financial Crimes Commission (EFCC) has arraigned Osaretin Osagiede before the Lagos State High Court in Ikeja over an alleged N700 million fraud involving unauthorised access to banking data.
Osagiede was arraigned on Friday, September 4, 2026, by the Lagos Zonal Directorate 1 of the EFCC before Justice Olukayode Ogunjobi on a three-count charge bordering on unauthorised access to computer material and receiving stolen property.
The commission alleged that Osagiede, alongside Zacharia Lorshe, who is currently at large, compromised the two-factor authentication (2FA) system of Ravenpay user accounts between March 2025 and January 2026.
According to the charge, the alleged action was carried out with the intention of gaining unauthorised access to the bank’s data.
One of the counts reads: “That you Osaretin Osagiede and Zacharia Lorshe (at large), between March, 2025 and January 2026, in Lagos, within the jurisdiction of this Honourable 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.”
Another count alleged that Osagiede and Lorshe dishonestly received N700 million belonging to Best Start Micro Finance Bank, despite allegedly having reason to believe that the funds were stolen.
The charge states: “That you Osaretin Osagiede and Zacharia Lorshe (at large), between March 2025 and January 2026 in Lagos, within the jurisdiction of this Honourable Court, dishonestly received the stolen sum of N700,000,000.00 (Seven Hundred Million Naira), property of Best Start Micro Finance Bank, whilst having reason to believe the same to be stolen property and committed an offence contrary to Section 411 and 328(1) of the Criminal Law of Lagos State 2011.”
Osagiede pleaded “not guilty” to the charges.
Following his plea, prosecution counsel, H.U. Kofarnaisa, asked the court to fix a date for trial and remand the defendant in a correctional facility pending the hearing of his bail application.
Justice Ogunjobi adjourned the case until September 16, 2026, for hearing of the bail application and ordered that Osagiede be remanded in a correctional facility.
