EFCC arraigns suspect for alleged N700m fraud in Lagos

The Economic and Financial Crimes Commission (EFCC) has arraigned Osaretin Osagiede before the Lagos State High Court in Ikeja on charges involving a N700 million fraud.

Osagiede faces a three-count charge including unauthorized access to computer material and receiving stolen property. The prosecution alleges that between March 2025 and January 2026, the defendant and an accomplice, Zacharia Lorshe, bypassed two-factor authentication for Ravenpay user accounts to gain unauthorized access to bank data.

Additionally, the defendant is accused of dishonestly receiving N700,000,000 belonging to Best Start Micro Finance Bank, knowing or having reason to believe the funds were stolen.