Justice Rahman Oshodi of the Lagos State Special Offences Court in Ikeja has sentenced former Wema Bank financial and retail product manager, Samuel Asiegbu, to three years imprisonment — with no option of a fine — over his involvement in allegedly hacking the bank’s system and diverting N8.56 billion.
The court found Asiegbu guilty of orchestrating the massive fraud while working at the bank, a move that led to one of the most shocking internal financial breaches in recent years.
Asiegbu had initially pleaded not guilty to an eight-count charge of conspiracy, fraud, and unauthorized access to a computer system but later changed his plea to guilty, prompting his conviction and sentencing.
The Economic and Financial Crimes Commission (EFCC) had accused Asiegbu, alongside co-defendants Hamza Zakaria, Nurudeen Ibrahim, and Alhaji Sulaiman, of manipulating the bank’s internal systems in January 2025, causing a financial loss exceeding N8.5 billion.
The EFCC noted that the alleged offences violated Sections 409 and 386 of the Criminal Law of Lagos State, 2011.
Justice Oshodi sentenced Asiegbu to 10 months and 8 days for count three, and one year and 8 months for count four, with both sentences to run concurrently. Counts one and two were struck out by the court. The sentence was handed down without the option of a fine.
The judge also adjourned the trial of the remaining defendants to November 14, 2025.
