Society Gists

A billion-naira fraud has detonated a fresh crisis in Nigeria’s banking sector. Three Wema Bank Plc employees—Samuel Ihechukwu Asiegbu, Fabian Chizaram Onyeimachi, and Kingsley Kelechi Ejim—along with four alleged accomplices, have been charged in a jaw-dropping N8.5 billion digital theft scheme.

On May 23, 2025, the Economic and Financial Crimes Commission (EFCC) dragged the suspects before Justice Daniel Osiagor of the Federal High Court in Ikoyi, Lagos. The indictment paints a damning picture: the accused allegedly breached Wema Bank’s internal systems, wiped customer data, and funneled billions into personal accounts.

The eight-count charge sheet cites extensive violations of Nigeria’s Cybercrimes Act (2015), outlining a sophisticated web of deceit involving hacked systems and manipulated digital records—all orchestrated under false pretenses.

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Despite the gravity of the charges, all seven defendants pleaded not guilty. Five were remanded to the Nigerian Correctional Service, one remains in EFCC custody due to health issues, and another was released under an existing bail order. The case resumes on June 6, 2025.

This isn’t Wema Bank’s first scandal. In 2023, it reported fraud losses of N685 million. After claiming a 95% fraud reduction in 2024 following a cybersecurity overhaul, a January 2025 glitch led to N888 million in unauthorized transfers—forcing the bank to sue 26 other financial institutions in a bid to recover the funds.

As the EFCC deepens its probe, Wema Bank’s reputation hangs in the balance. The case exposes the devastating risks of insider threats and the urgent need for bulletproof digital defenses in Nigeria’s fragile financial ecosystem.