On Thursday, May 15, 2025, the Economic and Financial Crimes Commission (EFCC) presented its first prosecution witness in the high-profile trial of a former Access Bank employee and three others.
The Economic and Financial Crimes Commission (EFCC) has commenced trial against four former Access Bank staff accused of a sophisticated N5.7 billion fraud scheme before Justice O.O. Abike-Fadipe at Lagos’ Special Offences Court.
Prosecutors allege the defendants exploited system vulnerabilities to create fraudulent overdrafts, illegally transferring billions from unfunded accounts while attempting to conceal their activities by wiping critical CCTV footage.
Key witness Abdulmajeed Agboola, an Access Bank investigator, testified that first defendant Olajide Ogunmoroti – the branch’s ICT officer – admitted using unauthorized devices to manipulate bank servers, directly enabling the massive fraud.
With the prosecution presenting damning evidence including bank petitions and forensic records, this landmark case represents a crucial test of Nigeria’s financial crime enforcement framework and its ability to hold banking insiders accountable for systemic abuse.
The accused—Olajide Ogunmoroti, Michael Igbomina, David Onyeike, and Moses Iruolaje—are battling an amended 10-count charge.
Notably, the charges include stealing, money laundering, obtaining credit by false pretence, and unauthorized computer access.
These accusations highlight the severity of the alleged financial crimes.
According to court documents, the defendants reportedly stole and converted N2.25 billion from Access Bank in 2023.
Shockingly, another charge claims they fraudulently diverted N3.47 billion during the same period.
These acts violate Sections 280 and 287 of Lagos State’s 2015 Criminal Law, underscoring the gravity of the case.
Abdulmajeed Agboola, an Access Bank staff member and the EFCC’s first witness, provided crucial testimony.
Under questioning by prosecution counsel Abdulhamid L. Tukur, Agboola revealed that Ogunmoroti, the first defendant, worked as the ICT representative at the bank’s Abakaliki branch.
Agboola explained that investigators uncovered a server glitch originating from the Abakaliki branch.
This technical flaw allegedly allowed fraudulent overdrafts on customer accounts, enabling withdrawals from unfunded accounts.
The stolen funds were subsequently transferred to various accounts, both within and outside Access Bank. This manipulation raised significant concerns.
Agboola stated, “We maintained a fraudulent overdraft limit on customer accounts, allowing withdrawals without sufficient funds. Consequently, we traced over N5 billion in suspicious transactions linked to these accounts.”
Furthermore, the witness revealed that crucial CCTV footage from the branch had been deliberately erased, complicating the investigation.
Despite this, evidence implicated Ogunmoroti, who reportedly admitted using a personal laptop to access the bank’s server—a direct violation of bank policy.
The prosecution further submitted petitions from Access Bank as evidence, which the court accepted without defense objections. Following these revelations, Justice Abike-Fadipe adjourned the case to May 20, 2025, for further proceedings.
This case highlights the EFCC ’s relentless efforts to combat financial crimes and uphold integrity in Nigeria’s banking sector. As the trial continues, the public eagerly awaits more developments in this significant legal battle.
