Court jails two for N8.56bn bank fraud in Lagos

From Sola Ojo, Abuja

The Special Offences Court in Ikeja, Lagos, has sentenced two men, Hamza Zakaria and Nurudeen Mohammed Ibrahim, to two years and two months’ imprisonment for their roles in an N8.56 billion bank fraud involving unauthorised access to the computer systems of a new-generation bank.

Justice Rahman Oshodi delivered the judgment on Tuesday, 18 November 2025, after the defendants pleaded guilty to amended charges presented by the Economic and Financial Crimes Commission (EFCC).

Zakaria and Ibrahim were first arraigned on 2 May 2025 on a four-count charge bordering on conspiracy, stealing, and unlawful access to computer systems, in violation of Sections 409 and 331 of the Criminal Law of Lagos State 2011.

According to the EFCC spokesman Dele Oyewale, the duo conspired with others still at large to illegally access Wema Bank’s servers in January 2025, transferring and retaining criminal proceeds.

They were specifically linked to the transfer of N24.8 million into an account belonging to Exact Group Limited, said to be part of the N8.56 billion diverted from various Wema Bank accounts.

Following their change of plea on 14 November, the prosecution, led by M.K. Bashir, reviewed the facts of the case and tendered multiple documents through an EFCC operative, Airende Monday, which were admitted as exhibits.

Justice Oshodi thereafter found the defendants guilty on the two-count amended information and sentenced them to eight months’ imprisonment on count one and one year six months on count two. Both terms are to run concurrently, with an option of a N50,000 fine.

Oyewale stressed that the convicts were arrested for hacking into the bank’s system and fraudulently withdrawing the funds before being charged and convicted.