The Lagos State High Court sitting on has ordered the remand of a suspect, Osaretin Osagiede, over an alleged N700 million fraud involving Best Start Micro Finance Bank.
Osagiede was arraigned before Justice Olukayode Ogunjobi by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on a three-count charge bordering on unauthorised access to computer material and receiving stolen property.
The EFCC alleged that Osagiede, alongside another , Zacharia Lorshe, who is currently at large, unlawfully bypassed the two-factor authentication (2FA) system of Ravenpay user accounts to gain unauthorised access to banking data.
According to the first count, the alleged offence was committed between March 2025 and January 2026 in Lagos, within the jurisdiction of the court, with the prosecution accusing the defendant and his alleged accomplice of intentionally circumventing the bank’s 2FA security system.
The commission said the alleged act was committed with the intention of securing unauthorised access to the bank’s data, contrary to Section 387 of the Criminal Law of Lagos State 2011.
In another count, the EFCC alleged that Osagiede and Lorshe dishonestly received N700 million belonging to Best Start Micro Finance Bank, despite having reason to believe that the funds were stolen.
The alleged offence, according to the prosecution, contravened Sections 411 and 328(1) of the Criminal Law of Lagos State 2011.
After the charges were read to him in open court, Osagiede pleaded not guilty to the allegations.
Following his plea, prosecution counsel, H.U. Kofarnaisa, urged the court to adjourn the matter for trial and ordered that the defendant be remanded in a correctional facility pending the hearing of his bail application.
In his ruling, Justice Ogunjobi ordered that Osagiede be remanded in a correctional facility pending the determination of his bail application.
The judge subsequently adjourned the matter until September 16, 2026, for the hearing of the bail application.