Ecobank staff jailed for one year over N2.4m cyberfraud blames hardship

 An Ecobank staff, Solomon Ufayo, has been sentenced to one year in prison for cyberfraud involving N2.4 million. His conviction on Monday by the Federal High Court in Ikoyi, Lagos, followed Ufayo’s arraignment on May 16, before trial judge Yellim Bogoro.

According to the Economic and Financial Crimes Commission’s (EFCC) spokesperson, Dele Oyewale, Ufayo was arraigned on one count of cyberfraud for fraudulently impersonating an Ecobank customer, Ogunfodunrin Omowunmi Ajoke, between March 10 and 28. 

Oyewale explained that Ufayo, while serving as a Relief Teller, allegedly manipulated rounds of deposit and withdrawal tellers on the customer’s Ecobank account (No. 2801086259), allowing him to divert a sum of N2,404,000 into his personal OPay account.

“The commission alleged in the charge that between the 10 to 28 March 2025, in Lagos, the defendant, while working for Ecobank Nigeria Limited as a Relief Teller, fraudulently represented himself as Ogunfodunrin Omowunmi Ajoke by posting false deposit and withdrawal tellers on her Ecobank account number 2801086259, with intent to gain advantage for himself,” the statement reads.

EFCC noted that the action is contrary to Section 22(2)(b)(i) of the Cybercrime (Prohibition, Prevention, etc.) Act, 2015, and punishable under Section 22(2)(b) of the same Act.

Ufayo pleaded guilty to the charge, and the EFCC counsel, Abdulhamid Tukur, called EFCC operative David Gajere to review the facts. Gajere explained that, following the attestation to the crime in a voluntary statement, Ufayo had issued a bank draft of N2,404,000 as restitution to the petitioner. Copies of key exhibits such as the defendant’s statement, copies of falsified bank slips, and the certified true copy of the restitution bank draft were also tendered.

Before his sentencing, Ufayo pleaded for leniency and blamed his fraudulent actions on hardship. He said:

“I was tempted because my wife was pregnant. I was still in custody when she delivered. I have learnt my lesson.”

However, trial judge Bogoro convicted Ufayo and sentenced him to one year in prison with an option of a N500,000 fine. In addition, he was ordered to embark on a two-week community service in further repentance for his actions.

Also Read: Nigerian bankers collude with foreign hackers to attack their own banks – EFCC Chairman.

Aside from Ecobank, clampdowns on bank staff 

The recent incidents of cybercrime involving bank staff are a testament to an ongoing pandemic across Nigerian financial institutions.

In one case, the anti-graft Commission in May arraigned four former employees of Access Bank Plc, Olajide Ogunmoroti, Michael Igbomina, David Onyeike, and Moses Iruolaje, over an alleged N5.73 billion fraud. The defendants exploited the bank’s lax security measures to take advantage of a glitch in the bank’s server, gaining unauthorised access to customer accounts and siphoning funds.

Abdulmajeed Agboola, a bank staff member and the EFCC’s first prosecution witness, testified that the employees used personal laptops to access the bank’s server, which contributed to the breach. As the case raised concerns about the bank’s compliance with regulatory requirements and its ability to protect customer funds, many questioned the bank management on how such funds were wired without their knowledge.

Another, the EFCC arraigned three staff members of Wema Bank alongside four others before Justice Daniel Osiagor of the Federal High Court, Ikoyi, Lagos, over alleged cybercrime involving N8.5 billion.

The bank employees, namely: Samuel Asiegbu, Fabian Onyeimachi, and Kingsley Kejim, were charged alongside Hannah Okunlola Adesokan, Hamza Zakariya, Achionu Ubaku, and Sunday Osademe on an eight-count charge bordering on conspiracy and obtaining money under false pretences. According to court documents, the defendants allegedly conspired to manipulate and alter data in Wema Bank’s system in January 2025, resulting in the loss of N8,568,090,500.

In light of the rising trend, EFCC Chairman Ola Olukoyede raised an alarm that insiders within the banking industry act as informants to hackers operating outside the country. He explained that the staff of these banks often collaborate with hackers operating remotely from regions like Eastern Europe and the US to take control of bank platforms and swiftly transfer billions of naira out of the systems.

“These cyber attacks are sophisticated, involving both local and international actors, often aided by rogue employees who provide critical access. Once access is granted, external collaborators remotely commandeer bank systems, moving billions within seconds,” he said.

Olukoyede urged bank administrators to strengthen internal controls and carry out an in-depth audit process to prevent future breaches by insider collaborators.