EFCC Arraigns Wema Bank Staff, 4 Others Over ₦8.5 Billion Cyber Fraud Scandal

The Economic and Financial Crimes Commission (EFCC) has arraigned three Wema Bank employees alongside four other individuals in connection with a massive cyber-enabled fraud scheme that allegedly siphoned over ₦8.5 billion from the bank’s system.

The accused — Samuel Asiegbu, Fabian Onyeimachi, and Kingsley Kejim, all staff of Wema Bank — were brought before Justice Daniel Osiagor of the Federal High Court in Ikoyi, Lagos. They were arraigned alongside Hannah Okunlola Adesokan, Hamza Zakariya, Achionu Ubaku, and Sunday Osademe.

According to a statement by EFCC spokesperson Dele Oyewale, the fraud was allegedly carried out in January 2025 through the manipulation and alteration of internal banking data, resulting in the loss of ₦8,568,090,500.

“The defendants conspired amongst themselves to cause the loss of funds in Wema Bank accounts in a manner intended to confer unlawful economic benefits,” the EFCC said.

The suspects face an eight-count charge bordering on cybercrime and conspiracy to defraud under Section 27(1)(a) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015.

One of the charges reads:
“That you, Samuel Ihechukwu Asiegbu, Ejim Kingsley Kelechi, and other persons at large, sometime in January 2025, conspired amongst yourselves to cause loss of property to bank accounts domiciled in Wema Bank Nigeria Plc in order to confer economic benefit to yourselves.”

Nigeria’s Banking Sector Faces Mounting Cybercrime Threat

This latest incident highlights the growing cybersecurity challenges in Nigeria’s financial sector. Data from the Financial Institutions Training Centre (FITC) shows that Nigerian banks lost over ₦2.72 billion to cyber fraud in just the first half of 2022.

Breakdown of 2022 cybercrime losses includes:

• ₦196 million lost to mobile fraud

• ₦59.5 million from computer and web-based fraud

Phishing, ransomware, insider threats, and data breaches remain top concerns for financial institutions. Cybersecurity experts are calling for urgent reforms, including stronger digital risk management frameworks, enhanced employee background checks, and cross-bank collaboration to combat escalating financial cyber threats.