EFCC Arraigns Lagos Man Over Alleged ₦700m Bank Fraud and 2FA Bypass

The Economic and Financial Crimes Commission has arraigned Osaretin Osagiede before the Lagos State High Court in Ikeja over an alleged ₦700 million fraud involving unauthorised access to bank data. The EFCC alleged that Osagiede and a second defendant, Zacharia Lorshe, who is reportedly at large, bypassed two-factor authentication on Ravenpay user accounts between March 2025 and January 2026. The agency said the alleged act was intended to gain unauthorised access to the bank's data. Osagiede was also accused of receiving ₦700 million allegedly belonging to Best Start Microfinance Bank, knowing it to be stolen. He pleaded not guilty. The court remanded him in a correctional facility and fixed September 16, 2026, to hear his bail application.

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