Eniola Yekini
The Economic and Financial Crimes Commission (EFCC) has arraigned Osaretin Osagiede before the Lagos State High Court sitting in Ikeja over an alleged N700 million fraud.
The EFCC’s Lagos Zonal Directorate 1 arraigned Osagiede on Friday, September 4, 2026, before Justice Olukayode Ogunjobi on a three-count charge bordering on unauthorised access to computer material and receiving stolen property.
The defendant was accused of allegedly bypassing the two-factor authentication (2FA) system of Ravenpay user accounts with the intention of gaining unauthorised access to bank data.
One of the counts stated that Osagiede and Zacharia Lorshe, who is currently at large, between March 2025 and January 2026 in Lagos, “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.”
Another count alleged that Osagiede and Lorshe dishonestly received N700 million belonging to Best Start Micro Finance Bank, while allegedly having reason to believe that the money was stolen property.
The charge stated that the alleged offence contravened Sections 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 urged it to remand the defendant in a correctional facility pending the hearing of his bail application.
Justice Ogunjobi subsequently adjourned the matter to September 16, 2026, for hearing of the bail application.
The judge also ordered that Osagiede be remanded in a correctional facility pending the hearing.