A Lagos State High Court sitting in Ikeja has ordered the remand of Osaretin Osagiede over an alleged ₦700 million fraud linked to the unauthorised access of financial data and receipt of allegedly stolen funds.
Osagiede was arraigned on Friday, September 4, 2026, by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, before Justice Olukayode Ogunjobi.
The defendant is facing a three-count charge bordering on unauthorised access to computer material and allegedly receiving stolen property.
According to the EFCC, Osagiede and another suspect, Zacharia Lorshe, who is currently at large, allegedly bypassed the two-factor authentication system of Ravenpay user accounts between March 2025 and January 2026.
The anti-graft agency alleged that the action was intended to gain unauthorised access to the bank’s data, an offence said to be contrary to Section 387 of the Criminal Law of Lagos State 2011.
The EFCC further alleged that Osagiede dishonestly received ₦700 million belonging to Best Start Micro Finance Bank, despite allegedly having reason to believe that the money was stolen.
The defendant pleaded not guilty to all the charges.
Following his plea, prosecution counsel, H.U. Kofarnaisa, urged the court to remand Osagiede in a correctional facility and fix a date for the commencement of trial. The prosecutor also requested that the court consider the remand pending the determination of the defendant’s bail application.
Justice Ogunjobi subsequently adjourned the matter until September 16, 2026, for the hearing of the bail application and ordered that Osagiede remain in a correctional facility pending the hearing.
The allegations have not been proven in court, and the defendant remains presumed innocent until proven guilty.
