Court jails two for ₦8.56bn bank fraud in Lagos

A Special Offences Court sitting in Ikeja, Lagos, has sentenced two men, Hamza Zakaria and Nurudeen Mohammed Ibrahim, to two years and two months’ imprisonment for their involvement in an ₦8.56 billion bank fraud executed through unauthorized access to a new-generation bank’s computer systems.

Justice Rahman Oshodi delivered the judgment on Tuesday, November 18, 2025, after the defendants changed their plea from not guilty to guilty following the presentation of amended charges.

Zakaria and Ibrahim were first arraigned on May 2, 2025, alongside others still at large, on a four-count charge bordering on conspiracy, stealing, and unlawful access to a computer system in violation of Sections 409 and 331 of the Criminal Law of Lagos State, 2011.

According to the charges, the duo conspired to transfer and retain criminal proceeds obtained through unauthorized access to Wema Bank’s computer servers. Part of the stolen funds—₦24,890,000—was transferred into an account belonging to Exact Group Limited, forming a portion of the total ₦8.56 billion fraudulently taken from several accounts.

During the review of facts, EFCC counsel M.K. Bashir called operative Airende Monday as a witness. The court admitted several documents presented by the prosecution.

Justice Oshodi thereafter convicted both defendants on the two-count amended information. He sentenced them to eight months in prison on count one and one year and six months on count two, with both terms to run concurrently. The court also offered an option of a ₦50,000 fine.

Zakaria and Ibrahim were arrested by the EFCC after hacking into the bank’s system and siphoning billions of naira before being tracked, prosecuted, and convicted.