The Economic and Financial Crimes Commission (EFCC) says it has arraigned one Osaretin Osagiede before the Lagos State High Court in Ikeja over an alleged N700 million fraud.
This was disclosed in a statement issued on Monday by Dele Oyewale, EFCC Head, Media & Publicity.
Oyewale said EFCC’s Lagos Zonal Directorate 1 arraigned Osagiede before Justice Olukayode Ogunjobi on Friday, September 4.
Osagiede was arraigned on a three-count charge bordering on unauthorised access to computer material and receiving stolen property valued at N700 million.
The anti-graft agency alleged that Osagiede and another suspect, Zacharia Lorshe, who is currently at large, bypassed the two-factor authentication (2FA) system of Ravenpay user accounts to gain unauthorised access to bank data.
The EFCC said the alleged offence was committed between March 2025 and January 2026 in Lagos.
The first count states: “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.”
The defendant was also accused of dishonestly receiving N700 million belonging to Best Start Micro Finance Bank while allegedly knowing that the funds were stolen.
The charge read: “That you Osaretin Osagiede and Zacharia Lorshe (at large), between March 2025 and January 2026 in Lagos, within the jurisdiction of this Honourable Court, dishonestly received the stolen sum of N700,000,000.00 (Seven Hundred Million Naira), property of Best Start Micro Finance Bank, whilst having reason to believe the same to be stolen property and committed an offence contrary to Section 411 and 328(1) of the Criminal Law of Lagos State 2011.”
Osagiede pleaded “not guilty” to the charges.
Following his plea, prosecution counsel, H.U. Kofarnaisa, asked the court to fix a date for trial and sought an order remanding the defendant in a correctional facility pending the hearing of his bail application.
Justice Ogunjobi subsequently adjourned the case until September 16, 2026, for hearing of the bail application.
The judge also ordered that Osagiede be remanded in a correctional facility pending the next hearing.
