Justice Rahman Oshodi of the Lagos State Special Offences Court in Ikeja has handed down a three‑year prison term to Samuel Asiegbu, a former financial and retail product manager at Wema Bank Nigeria Plc, after he admitted to hacking the bank’s system and siphoning N8.56 billion.
The conviction follows an investigation by the Economic and Financial Crimes Commission (EFCC) that uncovered the unauthorized access in January 2025, when Asiegbu allegedly manipulated the bank’s internal platforms to divert funds .
Asiegbu faced an eight‑count charge that included conspiracy, fraud, and unlawful computer access. Initially pleading not guilty, he later changed his plea to guilty, which led the court to convict him on the two substantive counts count three (10 months 8 days) and count four (1 year 8 months) with the sentences to run concurrently .
The remaining six counts were either struck out or left pending as the trial of his co‑defendants proceeds.
The judge declined to impose any fine, ordering that Asiegbu serve the full custodial term without the option of a monetary penalty. He also set November 14 as the date for the commencement of the trial of the other suspects, who include Hamza Zakaria, Nurudeen Ibrahim and Alhaji Sulaiman, among others.
The EFCC’s case alleges that the group conspired to alter and erase data in the bank’s accounts, causing a loss of over N8.5 billion .
This case underscores the growing concern over cyber‑enabled financial crimes in Nigeria’s banking sector and highlights the judiciary’s resolve to impose stiff penalties on perpetrators. While Asiegbu’s sentence marks a conclusion for one participant, the broader legal process is still unfolding for the remaining defendants.
