The Lagos Zonal Directorate 1 of 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.
Osagiede was arraigned on Friday, September 4, 2026, before Justice Olukayode Ogunjobi on a three-count charge bordering on unauthorised access to computer material and receiving stolen property.
The charges relate to the alleged theft of N700 million belonging to Best Start Micro Finance Bank.
One of the counts alleged that Osagiede and Zacharia Lorshe, who is still at large, between March 2025 and January 2026 in Lagos, caused the two-factor authentication (2FA) method on Ravenpay user accounts to be bypassed.
The prosecution alleged that the action was carried out with the intention of securing unauthorised access to the bank’s data, contrary to Section 387 of the Criminal Law of Lagos State 2011.
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Another count alleged that the defendants dishonestly received N700 million belonging to Best Start Micro Finance Bank, despite having reason to believe that the money was stolen.
The offence was said to be contrary to Sections 411 and 328(1) of the Criminal Law of Lagos State 2011.
Osagiede pleaded not guilty to the charges.
Following his plea, prosecution counsel, H.U. Kofarnaisa, requested a trial date and urged the court to remand the defendant in a correctional facility pending the hearing of his bail application.
Justice Ogunjobi subsequently adjourned the matter to September 16, 2026, for hearing of the bail application and ordered that Osagiede be remanded in a correctional facility.
