EFCC arraigns man over alleged N700m fraud, Ravenpay 2FA breach

EFCC arraigns man over alleged N700m fraud, Ravenpay 2FA breach

The Economic and Financial Crimes Commission (EFCC) has arraigned Osaretin Osagiede before the Lagos State High Court sitting in Ikeja over an alleged N700 million fraud involving Best Start Micro Finance Bank.

Osagiede was arraigned on Friday, September 4, 2026, by the EFCC’s Lagos Zonal Directorate 1 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 committed the offences alongside Zacharia Lorshe, who is currently at large.

According to the anti-graft agency, the alleged offences occurred in Lagos between March 2025 and January 2026, when Osagiede and Lorshe allegedly bypassed the two-factor authentication (2FA) system on Ravenpay user accounts to gain unauthorised access to banking data.

The commission alleged that the security measure was deliberately bypassed with the intention of obtaining unauthorised access to the bank’s data.

One of the charges stated that Osagiede and Lorshe allegedly caused the Ravenpay accounts’ 2FA authentication method to be bypassed to secure unauthorised access to the bank’s data.

READ ALSO:

• 11 feared killed as terrorists invade Adamawa community
• Omotola: I get Hollywood royalties but nothing from 30 years in Nollywood
• Adeleke’s re-election faces tribunal battle as APC, PDP file petitions

The alleged offence was said to contravene Section 387 of the Criminal Law of Lagos State 2011.

Another count alleged that Osagiede and Lorshe dishonestly received N700 million belonging to Best Start Micro Finance Bank, despite allegedly having reason to believe that the money was stolen.

The alleged offence was said to contravene Sections 411 and 328(1) of the Criminal Law of Lagos State 2011.

When the charges were read to him, Osagiede pleaded not guilty.

Following his plea, prosecution counsel, H.U. Kofarnaisa, urged the court to fix a date for trial and 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 and adjourned the case until September 16, 2026, for hearing of his bail application.

The latest case centres on allegations of unauthorised access to computer material, the alleged bypassing of Ravenpay’s two-factor authentication system, and the alleged receipt of N700 million belonging to Best Start Micro Finance Bank.

The allegations against Osagiede have not been proven in court. He remains presumed innocent until proven guilty.

EFCC arraigns man over alleged N700m fraud, Ravenpay 2FA breach