Court Sends Ex-Banker to Prison for ₦8.56bn Fraud
Omoyeni Olabode
A former banker, Samuel Asiegbu, has been sentenced to three years in prison without an option of fine for his involvement in an ₦8.56 billion bank fraud.
According to the EFCC, Asiegbu was charged alongside several others for conspiracy, stealing, and unauthorised access to a computer system to commit fraud.
The defendants were first arraigned on June 23, 2025, before a Federal High Court in Lagos. While all initially pleaded not guilty, Asiegbu later changed his plea to guilty, leading Justice Rahman Oshodi to convict and sentence him. He received separate jail terms on two counts, to run concurrently.
The EFCC said the accused manipulated internal banking systems in January 2025, altering critical financial data and causing a loss of ₦8,568,090,500. Some accomplices are still at large.
The court is set to continue the trial of the remaining defendants on November 14, 2025.
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