Ecobank teller jailed one year for N2.4m cyber fraud

DDM News

Lagos Nigeria – A former staff member of Ecobank Nigeria has been sentenced to one year in prison for fraudulently transferring N2.4 million from a customer’s account.

Diaspora Digital Media (DDM) reports that the convict, Solomon Stephen Ufayo, worked as a Relief Teller before his arrest and prosecution.

The Economic and Financial Crimes Commission (EFCC) arraigned Ufayo at the Federal High Court in Ikoyi, Lagos, on cybercrime-related charges.

The court heard that Ufayo impersonated a bank customer, Omowunmi Ajoke, and unlawfully moved funds into his personal Opay account.

The fraudulent transactions occurred between March 10 and March 28, 2025, and involved false deposits and unauthorized withdrawal slips.

Ufayo pleaded guilty to the offence on May 16, 2025, when the EFCC formally brought charges under the Cybercrime Act of 2015.

During his trial, the convict told the court that financial distress and his wife’s pregnancy had pushed him into committing the crime.

Justice Yellim Bogoro, who presided over the case, sentenced Ufayo to one year in prison with an alternative option of a N500,000 fine.

The court also mandated two weeks of community service as part of the penalty.

In addition, Ufayo returned the stolen sum by issuing a bank draft refund of the N2.4 million in question.

The EFCC welcomed the judgment, describing it as a warning to bank employees who might consider exploiting their positions for personal gain.

This conviction adds to the growing list of internal fraud cases within Nigeria’s banking industry.

Financial analysts warn that insider threats remain one of the biggest risks facing the nation’s financial institutions.

Diaspora Digital Media (DDM) notes that this case underscores the need for tighter internal controls, routine audits, and staff revalidation in banks.

Stakeholders are also urging banks to strengthen ethics training and introduce more secure transaction processes.

The EFCC continues to prosecute financial crimes involving both public and private sector operatives in its drive to protect the economy.

Justice Bogoro emphasized the importance of accountability in the banking system and the rule of law in upholding public trust.

The conviction is part of broader efforts by authorities to ensure that digital platforms are not abused by insiders for cyber-enabled theft.

Financial observers say the reduced sentence, which includes an option of fine and community service, may be linked to the convict’s cooperation.

However, it is seen as a signal that financial misconduct, regardless of amount or motive, will not go unpunished.

DDM will continue to monitor similar cases involving cyber fraud and internal breaches in Nigerian banks.

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