The Economic and Financial Crimes Commission (EFCC) has hauled one Osaretin Osagiede before the Lagos State High Court sitting in Ikeja over an alleged monumental cyber-fraud and financial heist totaling N700 million.
Osagiede was brought before Justice Olukayode Ogunjobi by the anti-graft agency’s Lagos Zonal Directorate 1 to answer to a three-count charge. The criminal charges border on unauthorized computer access, security compromise, and the dishonest receipt of stolen funds.
According to prosecution files presented by EFCC counsel H.U. Kofarnaisa, the defendant—alongside an accomplice, Zacharia Lorshe, who is currently at large—orchestrated a sophisticated digital breach between March 2025 and January 2026. Investigators alleged that the duo deliberately manipulated and bypassed the two-factor authentication (2FA) security architecture guarding Ravenpay user accounts. This breach granted the network unauthorized entry into vital institutional databases, facilitating the diversion of N700 million belonging to Best Start Micro Finance Bank.
The prosecution noted that the alleged violations run contrary to Section 387, Section 411, and Section 328(1) of the Criminal Law of Lagos State 2011.
Upon the reading of the charges, the defendant entered a plea of “not guilty”. Following his plea, the prosecution requested a trial date and asked the court to remand the defendant to a correctional facility pending the determination of his bail application.
Justice Ogunjobi granted the remand order and adjourned the proceedings to September 16, 2026, for the formal hearing of the bail application.
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