₦8bn Fraud: Court Sentences Man to Three Years’ Imprisonment in Lagos

Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, on Wednesday, November 5, 2025, convicted and sentenced one Samuel Ihechukwu Asiegbu to three years’ imprisonment without an option of fine for his role in an ₦8.56 billion fraud involving one of the first generation banks.
Asiegbu was arraigned alongside several other defendants on a four-count charge bordering on conspiracy, stealing, and unauthorized access to a computer system with intent to commit fraud, contrary to Sections 409 and 386 of the Criminal Law of Lagos State, 2011.
The defendants were first arraigned on June 23, 2025, and all initially pleaded not guilty. However, Asiegbu later changed his plea to guilty, prompting the court to convict and sentence him accordingly. The trial of the remaining defendants will continue.
Justice Oshodi sentenced Asiegbu to 10 months and 8 days’ imprisonment on count three and 1 year and 8 months on count four, both without an option of fine. The sentences are to run concurrently. Consequently, the court struck out counts one and two.
The court adjourned the case to November 14, 2025, for further proceedings against the remaining defendants.