The Economic and Financial Crimes Commission, EFCC, has arraigned a man, Osaretin Osagiede, before a Lagos State High Court in Ikeja over an alleged ₦700 million fraud involving unauthorised access to computer material and the alleged receipt of stolen property.
A statement by the anti-graft agency said Osagiede was arraigned on Friday, September 4, 2026, by the Lagos Zonal Directorate 1 of the EFCC before Justice Olukayode Ogunjobi.
The defendant is facing a three-count charge bordering on unauthorised access to computer material and receiving allegedly stolen property valued at ₦700 million.
One of the charges against him 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.
