The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) has charged Osaretin Osagiede before Justice Olukayode Ogunjobi of the Lagos State High Court in Ikeja in connection with an alleged N700 million fraud.
Osagiede is facing a three-count charge involving unauthorized access to computer systems and receiving stolen funds totaling N700 million.
The first count alleges that Osaretin Osagiede, together with Zacharia Lorshe (who remains at large), between March 2025 and January 2026 in Lagos, intentionally bypassed the two-factor authentication (2FA) mechanism on Ravenpay user accounts with the intent to gain unauthorized access to the bank’s data, thereby committing an offence under Section 387 of the Criminal Law of Lagos State 2011.
The second count accuses Osagiede and Lorshe of dishonestly receiving the stolen sum of N700,000,000.00 (Seven Hundred Million Naira), belonging to Best Start Micro Finance Bank, while having reason to believe it was stolen property, in violation of Sections 411 and 328(1) of the Criminal Law of Lagos State 2011.
The defendant entered a plea of “not guilty” to all charges.
Following the plea, prosecution counsel H.U. Kofarnaisa applied for a trial date and requested that the court remand the accused in a Correctional facility pending the determination of his bail application.
Justice Ogunjobi adjourned the case to September 16, 2026, for the hearing of the bail application and ordered that Osagiede be held in a Correctional facility until then.