Four Bank Workers Arraigned in Lagos Over Alleged N182m Cyber-Fraud Scheme

Detectives attached to the Force Criminal Investigation Department (FCID) Annex, Alagbon-Ikoyi, Lagos, have uncovered an alleged fraud involving four employees of Richway Microfinance Bank Limited, accused of diverting customers’ funds amounting to over N182 million through a cyber-related scheme. 

The suspects imcludes Ikeoluwa Imuraina, Peter Olabanji, Ngozi Nwokoma and Olubunmi Ayeni — were brought before the Federal High Court in Lagos after investigations linked them to the alleged misappropriation, said to have occurred between January and December 2025 at the bank’s office in Lekki Phase 1. 

According to the prosecution, the defendants allegedly conspired with other persons still at large to gain unauthorised access to customers’ accounts belonging to Sanusi Hostel 1 and Sanusi Hostel 2, and transferred a total of N182,302,151.75 into several accounts.

The prosecutor told the court that the suspects were accused of manipulating the bank’s internal system and creating a false email address resembling a legitimate customer’s email in order to facilitate the transfers without approval.

They were charged with conspiracy, obtaining by false pretence, unlawful transfer of funds and impersonation linked to cybercrime, offences said to be punishable under the Advance Fee Fraud and Other Fraud Related Offences Act, the Criminal Code Act, and the Cybercrimes (Prohibition and Prevention) Act, 2015.

All four defendants pleaded not guilty to the charges.

Following their plea, the prosecution asked the court to fix a trial date and requested that the defendants be held in custody pending the hearing. Defence counsel, however, applied for bail, while the prosecution opposed the request on the grounds that no formal application had been filed.

In his ruling, Justice Alexander Owoeye granted each defendant bail in the sum of N10 million with two sureties in the same amount. The court directed that the sureties must be residents within the court’s jurisdiction and provide evidence of tax payment for the past three years.

The judge also ordered the defendants to submit their National Identification Numbers, Bank Verification Numbers and passport photographs to the court, and ruled that they must not travel outside Lagos State without permission.

The case was adjourned until June 24, 2026, for trial, while the defendants were ordered to remain in FCID custody until their bail conditions are fulfilled.