Nigerian authorities prosecute eight individuals for ₦710m bank fraud

A banker and seven others have been arraigned before the Federal High Court in Lagos facing a 12-count charge related to an alleged ₦710 million financial fraud. The Police Special Fraud Unit (PSFU) alleges that the defendants diverted funds from eight bank accounts that were under Post-No-Debit restrictions, which are intended to prevent withdrawals and transfers.

Investigators identified Emmanuel Obinyan Osenonome, a senior relationship officer, as a principal suspect. Police claim Osenonome and Egharevba Emmanuel Osagioduwa used personal identification information from others to open accounts used to transfer and conceal the funds. Forensic examinations reportedly traced transactions to accounts associated with Osenonome’s wife and sibling.

The defendants facing charges include Elvis Osazee Eghile, Egharevba MaryJane Osarieyekemwen, Precious Omonigho Irbhogbe, and Aghatise Kelvin Uhuenkpoewe.