Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has arraigned several individuals—including a bank employee—before a Lagos Federal High Court over their alleged involvement in a massive N8.5 billion fraud.
The accused were brought before Justice Chukwujekwu Aneke on multiple counts of conspiracy, fraud, and money laundering. According to the EFCC, the suspects orchestrated an elaborate scheme to siphon funds from a major commercial bank using false documentation, unauthorized transactions, and insider access.
Among the defendants is a staff member of the bank’s operations department, who allegedly played a central role by manipulating internal systems and bypassing due process to facilitate illegal withdrawals and transfers. The commission said the fraud was uncovered following an internal audit and a whistleblower tip, which prompted a thorough investigation.
“The suspects conspired to defraud the financial institution of over N8.5 billion using fictitious accounts and corporate entities under their control,” said an EFCC spokesperson in a statement following the arraignment. “This is part of our ongoing crackdown on internal banking fraud and financial crime in the private sector.”
The charges specify that the fraudulent activity took place over an extended period, involving a network of collaborators who created fake documents, diverted funds into personal and shell company accounts, and laundered proceeds through various channels. The EFCC noted that some of the diverted funds have been traced and efforts are underway to recover more assets.
All defendants pleaded not guilty to the charges, and the court adjourned the case for the hearing of their bail applications. Justice Aneke ordered that they be remanded in the custody of the Nigerian Correctional Service pending the outcome of the bail hearing.
The EFCC has reiterated its commitment to fighting financial crimes within the banking sector, stressing the need for tighter internal controls and transparency. “This case sends a strong message to financial institutions: internal collusion will be met with the full force of the law,” the commission added.
Legal analysts believe this high-profile case could prompt banks to reevaluate their risk management strategies and reinforce compliance protocols. Industry watchers are also urging the Central Bank of Nigeria (CBN) to issue updated guidelines to curb internal fraud.
As the trial proceeds, the public and financial sector stakeholders will be closely watching how the judiciary handles one of the largest fraud cases involving bank insiders in recent years.
Source : Swifteradio.com
