A former banker, Samuel Asiegbu, has been handed a three-year jail term with no option of fine for his involvement in an ₦8.56 billion fraud case linked to one of Nigeria’s first-generation banks.
The Economic and Financial Crimes Commission (EFCC) disclosed the conviction in a statement on Wednesday, November 5, 2025. According to the anti-graft agency, Asiegbu was arraigned alongside several others on a four-count charge of conspiracy, stealing, and unauthorised access to a computer system with intent to defraud, in violation of Sections 409 and 386 of the Lagos State Criminal Law, 2011.
The defendants were first brought before a Federal High Court in Lagos on June 23, 2025, where they all pleaded not guilty. However, Asiegbu later changed his plea to guilty, leading Justice Rahman Oshodi to convict and sentence him accordingly.
“The court sentenced Asiegbu to 10 months and eight days’ imprisonment on count three and one year and eight months on count four, both without an option of fine. The sentences are to run concurrently. Consequently, the court struck out counts one and two,” the EFCC said.
The remaining defendants are still facing trial, with the court adjourning the case to November 14, 2025, for continuation.
Earlier in May 2025, the EFCC arraigned three Lagos bankers — Samuel Ihechukwu Asiegbu, Fabian Onyeimachi, and Kingsley Ejim Kelechi — alongside four others over their alleged roles in the ₦8.5 billion fraud scheme.
EFCC spokesperson Dele Oyewale stated that the defendants “manipulated the bank’s internal systems and altered critical data in January 2025, resulting in a financial loss of ₦8,568,090,500,” and allegedly worked with others still at large “to carry out the fraudulent transactions for personal enrichment.”
