Ex-Banker Jailed Three Years for ₦8.56bn Fraud!

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:

1. EFCC Press Briefing – Nov. 5, 2025
2. Federal High Court Judgment Summary
3. Bank Compliance Report

About The Author

Marian Opeyemi Fasesan

editor

Marian Opeyemi Fasesan is a dynamic journalist and editorial leader committed to excellence in news reporting and storytelling. As the Editor-in-Chief of Sele Media Africa, she ensures daily operations run smoothly while upholding the highest editorial standards. With a strong eye for detail and deep understanding of audience engagement, Marian coordinates content across platforms, guiding teams to produce compelling, timely, and credible news. Her leadership reflects the heart of Sele Media Africa’s mission—to inform, inspire, and elevate voices across the continent.

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