A Lagos court has sentenced a man to three years in prison for his role in a massive fraud scheme involving a first-generation bank. Samuel Ihechukwu Asiegbu was convicted and sentenced by Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, on November 5, 2025. The fraud is estimated to be around 8.56 billion.
Asiegbu was arraigned alongside several other defendants on a four-count charge, including conspiracy, stealing, and unauthorized access to a computer system with intent to commit fraud. The charges are contrary to Sections 409 and 386 of the Criminal Law of Lagos State, 2011. The defendants were first arraigned on June 23, 2025, and initially pleaded not guilty. However, Asiegbu later changed his plea to guilty, leading to his conviction and sentencing.
The court sentenced Asiegbu to 10 months and 8 days’ imprisonment on one count and 1 year and 8 months on another, both without an option of fine. The sentences will run concurrently, and the court struck out the remaining two counts. The trial of the other defendants will continue, with the next hearing scheduled for November 14, 2025.
The case highlights the ongoing efforts to combat financial crimes in Nigeria, particularly those involving banks and computer systems. The use of technology to commit fraud has become increasingly prevalent, and law enforcement agencies are working to stay ahead of these crimes. The conviction and sentencing of Asiegbu serve as a reminder of the consequences of engaging in such activities.
The Special Offences Court in Lagos has been established to handle high-profile cases, including financial crimes. The court’s decision to convict and sentence Asiegbu demonstrates its commitment to holding individuals accountable for their actions. As the trial of the remaining defendants continues, it is likely that more details about the fraud scheme will come to light, providing insight into the complexities of these types of crimes.
The case is a significant one, not only due to the large amount of money involved but also because of the potential impact on the banking sector. The Nigerian government has been working to strengthen its financial systems and prevent fraud, and this conviction is a step in the right direction. As the legal process continues, it is expected that more will be revealed about the scope of the fraud and the measures being taken to prevent similar crimes in the future.