Ex-Banker Jailed Three Years for ₦8.56bn Fraud!
Reported by Marian Opeyemi Fasesan | Sele Media Africa
A former bank employee, Samuel Asiegbu, has been sentenced to three years in prison without the option of a fine over his involvement in an ₦8.56 billion fraud case linked to a first-generation Nigerian bank.
What We Know:
- The conviction was handed down by a Federal High Court in Lagos.
- Asiegbu was found guilty of conspiracy, forgery, and fraudulent diversion of funds.
- The Economic and Financial Crimes Commission (EFCC) led the investigation and prosecution.
Quote:
“This judgment sends a clear message — the banking sector is not a playground for fraud.”
— EFCC Prosecuting Counsel
Why It Matters:
- Reinforces efforts to restore trust in Nigeria’s banking sector.
- Highlights ongoing concerns over internal security breaches within financial institutions.
- Sets a precedent for stricter penalties in corporate fraud cases.
What to Watch:
- Possible recovery of stolen funds and involvement of other suspects.
- Reforms in bank auditing and internal control systems.
- EFCC’s next steps in tackling white-collar crime.
Sources:
- EFCC Press Briefing – Nov. 5, 2025
- Federal High Court Judgment Summary
- Bank Compliance Report
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