EFCC arraigns man over N700m fraud, 2FA bypass

The Economic and Financial Crimes Commission (EFCC) has charged a man, Osaretin Osagiede, before the Lagos State High Court in Ikeja over an alleged N700 million fraud involving the bypass of two-factor authentication on bank accounts.

Osagiede was arraigned on Friday, September 4, before Justice Olukayode Ogunjobi on a three-count charge bordering on unauthorised access to computer material and receiving stolen property.

The EFCC alleged that Osagiede and another suspect, Zacharia Lorshe, who is currently at large, circumvented the two-factor authentication (2FA) security system on Ravenpay user accounts between March 2025 and January 2026.

According to the commission, the alleged action was intended to provide the defendants with unauthorised access to banking data.

One of the charges alleged that the defendants deliberately caused the 2FA mechanism on Ravenpay accounts to be bypassed in Lagos, contrary to Section 387 of the Criminal Law of Lagos State 2011.

The anti-graft agency further accused Osagiede and Lorshe of receiving N700 million belonging to Best Start Micro Finance Bank, allegedly knowing that the funds had been stolen.

Osagiede pleaded not guilty after the charges were read to him.

Following the plea, EFCC counsel, H.U. Kofarnaisa, asked the court to adjourn the case for trial and urged the judge to remand the defendant in a correctional facility pending the hearing of his bail application.

Justice Ogunjobi subsequently ordered that Osagiede be remanded in a correctional facility.

The court adjourned proceedings until September 16, 2026, for hearing of the defendant’s bail application.