Posted by Chinenye on Tue 08th Sep, 2026 - tori.ng
A Lagos court has heard a major fraud case involving an alleged ₦700 million theft from a financial institution.
(Osaretin Osagiede. Photo by X/Instablog9ja)
The anti-graft agency has taken a man to court over a massive fraud involving hacking into a fintech company's system and stealing money.
Osaretin Osagiede was brought before a Lagos court on Friday facing charges of unauthorized computer access and receiving stolen property worth ₦700 million.
He's accused of bypassing security features on Ravenpay accounts between March 2025 and January 2026 to access the bank's data.
The charges also say he dishonestly received ₦700 million that belonged to Best Start Micro Finance Bank, knowing it was stolen property.
Another suspect, Zacharia Lorshe, is still at large.
Osagiede pleaded not guilty to all charges.
The prosecutor asked the court to keep him in custody while his bail application is being considered.
The judge ordered him remanded and set September 16 for hearing his bail request.