By Parrot Newspaper Wema Bank Staff Arraigned over N8.5bn Cybercrime
By Parrot Investigative Desk | May 26, 2025
A high-stakes financial scandal involving an alleged N8.5 billion cyber fraud has rocked the banking sector, as three employees of a Wema bank—Samuel Ihechukwu Asiegbu, Fabian Chizaram Onyeimachi, and Kingsley Kelechi Ejim—were arraigned before the Federal High Court in Ikoyi, Lagos, on Friday, May 23, 2025.
The trio, alongside four alleged accomplices—Hanna Okunlola Adesokan, Hamza Zakariya, Achionu Chukwuka Ubaku, and Sunday Osademe—are facing an eight-count charge bordering on conspiracy and obtaining money under false pretence. The Economic and Financial Crimes Commission (EFCC) accused them of orchestrating a coordinated breach of Wema Bank’s internal systems in what is being described as one of the most audacious insider cyber fraud cases in recent memory.
According to court filings, the group allegedly manipulated the bank’s digital infrastructure in January 2025, illegally erasing and altering data across customer accounts to siphon off funds totaling N8,568,090,500. Prosecutors claim that the transactions were masked with false entries to avoid detection, and that the accused exploited privileged access and internal system vulnerabilities.
The charge sheet implicates not only those present in court but also at least two suspects—identified only as Nurudeen Ibrahim and Alhaji Sulaiman—who are currently at large, suggesting a broader network of collaborators. Investigators have hinted that more arrests may follow.
One of the charges reads:
“That you… 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… to confer economic benefit to yourselves, thereby committing an offence contrary to Section 27(1)(a) of the Cybercrimes Act of 2015.”
All seven defendants pleaded not guilty when the charges were read to them.
Lead prosecuting counsel, Aso Larrys Peters, urged the court to remand the accused pending the commencement of trial, scheduled for June 6. While five of the accused were ordered to remain in the custody of the Nigerian Correctional Services, special consideration was given to defendant Hanna Okunlola, whose lawyer cited health concerns. She was remanded in EFCC custody.
Interestingly, Kingsley Kelechi Ejim was permitted to continue under an existing bail arrangement, raising questions about prior investigations or possible whistleblowing.
While the EFCC remains tight-lipped about further details, sources within the agency confirmed to Parrot Newspaper that forensic experts are still combing through logs, tracing digital footprints, and working to identify possible laundering channels used to conceal the stolen funds.
This latest development underscores a growing trend of internal sabotage within Nigerian banks—where employees use their access to compromise customer accounts and institutional integrity. Industry watchers are now calling for stronger cyber-security frameworks and stricter vetting procedures for IT and operations staff.
With the trial looming, questions persist: How did such a massive sum go undetected until the damage was done? Were higher-level insiders involved? And what steps will the affected bank take to restore public trust?
Wema Bank Staff Arraigned over N8.5bn Cybercrime
Parrot Newspaper will continue to follow this case as more revelations unfold.