Cynthia Ezegwu
A former banker, Samuel Asiegbu, has been sentenced to three years’ imprisonment without an option of fine for his role in an ₦8.56 billion fraud involving a first-generation Nigerian bank.
According to a statement published on the Economic and Financial Crimes Commission (EFCC) website on Wednesday, Asiegbu was convicted by Justice Rahman Oshodi of the Lagos State High Court after pleading guilty to charges of conspiracy, stealing, and unauthorised access to a computer system with intent to commit fraud.
He was initially arraigned alongside other defendants before the Federal High Court, Lagos, on June 23, 2025, on a four-count charge bordering on conspiracy and cyber-related financial crimes but later changed his plea to guilty.
Delivering judgment, Justice Oshodi sentenced Asiegbu to 10 months and eight days on count three, and one year and eight months on count four, both without an option of fine. The sentences are to run concurrently.
“The court consequently struck out counts one and two,” the EFCC stated.
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The case, which involves several other defendants, was adjourned to November 14, 2025, for continuation of trial.
In May 2025, the EFCC had arraigned Asiegbu alongside Fabian Onyeimachi, Kingsley Ejim Kelechi, and four others over allegations of manipulating a bank’s internal systems and altering critical banking data in January 2025, resulting in a financial loss of ₦8,568,090,500.
EFCC spokesperson Dele Oyewale said the suspects conspired with others still at large to execute the fraudulent transactions, which were designed to confer economic benefits on themselves.