Court Denies Banker Bail Over Alleged N8.5bn Theft

Justice Rahman Oshodi of the Lagos State Special Offences Court in Ikeja has refused to grant bail to Samuel Asiegbu, an employee of Wema Bank Plc, who is facing trial for allegedly defrauding the bank of N8,568,090,500.

Justice Oshodi dismissed the bail application because the evidence against Asiegbu is substantial and he might not appear for trial.

The Economic and Financial Crimes Commission (EFCC) had arraigned the defendant alongside six others for conspiracy and fraud.

The court had granted bail to his co-defendants, Ejim Kelechi, Onyeimachi Fabian, Hamzat Zakariya, Achonu, Ubaka, Sunday Osademe, and Nurudeen Ibrahim.

The defendants are charged with conspiracy, unauthorised access to a computer system, and theft of more than N8.5 billion from WEMA Bank.

The court also fixed the hearing of the plea bargain agreements of the first, fourth, fifth, and sixth defendants for September 19.

EFCC counsel Mohammed Bashir informed the judge that the agency had received plea bargain applications from several defendants during the court’s vacation.

He noted that these applications were approved, except for the fourth defendant, who is still pending.

Bashir urged the court to fix the earliest possible date for the plea bargain hearing.

The counsels for the first, fourth, fifth, and sixth defendants—Victoria Aniohu, Nnamdi Anoka, and M.H. Oba-Temi—confirmed the status of the applications to the court.

But Dr. Benson Enikuomehin, the counsel for the second defendant, was absent.

After reviewing the various applications from the defendants’ counsels and the prosecution’s responses, the court ruled: “As for the first defendant’s bail application, it is refused. I am not convinced that sufficient evidence has been presented to justify granting bail.”

The judge granted bail to the second to seventh defendants, in the sum of N50 million each, subject to conditions.

The judge ordered the defendants to provide two responsible sureties in a like sum and submit affidavits proving their lawful employment within the court’s jurisdiction.

The court further stipulated that the second, fourth, and sixth defendants holding valid international passports must surrender their passports to the court’s chief registrar.

The third, fifth, and seventh defendants, lacking valid passports, must provide a written undertaking promising not to apply for or obtain travel documents without the court’s prior consent.

Justice Oshodi directed that the first defendant’s bail application be denied.

He also emphasised the need for an expedited hearing to ensure a swift trial for all defendants.

He had adjourned further proceedings to September 19, 2025.