Four Richway Microfinance Bank staff arraigned in Lagos over alleged N182m fraud involving unlawful transfers and cyber impersonation
Justice Alexander Owoeye of the Federal High Court, Lagos, on Tuesday arraigned four employees of Richway Microfinance Bank Limited over their alleged involvement in a N182.3 million fraud scheme linked to unlawful fund transfers and cyber impersonation.
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The defendants, Ikeoluwa Imuraina, Peter Olabanji, Ngozi Nwokoma and Olubunmi Ayeni, were docked on a four-count charge bordering on conspiracy, obtaining by false pretence, unauthorised transfer of funds and cybercrime-related offences.
Operatives of the Force Criminal Investigation Department Annex, Alagbon-Ikoyi, brought the accused persons before the court following investigations into the alleged Richway Bank N182m fraud.
Prosecuting counsel, Morufu Animashaun, informed the court that the offences were allegedly committed between January and December 2025 at the bank’s office located at Plot 27, Admiralty Way, Lekki Phase 1, Lagos.
According to the prosecution, the defendants conspired with other suspects currently at large to defraud account holders linked to Sanusi Hostel 1 and Sanusi Hostel 2 by transferring a total sum of N182,302,151.75 into accounts belonging to various individuals without authorisation.
Animashaun further alleged that the accused compromised the bank’s internal system and created a fraudulent email address closely resembling a legitimate customer email account to execute the scheme.
The prosecutor told the court that the funds were fraudulently moved through digital manipulation, describing the alleged operation as a calculated breach of banking security systems.
The charges, he added, contravene provisions of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, the Criminal Code Act and the Cybercrimes (Prohibition and Prevention) Act 2015.
All four defendants pleaded not guilty when the charges were read to them.
Following the pleas, the prosecution requested a trial date and urged the court to remand the defendants pending trial, while defence counsel made an oral application for bail.
The prosecution opposed the request on the grounds that no formal bail application had been filed before the court.
In a ruling, Justice Owoeye granted each defendant bail in the sum of N10 million with two sureties in like sum. The court directed that the sureties must reside within its jurisdiction and provide evidence of three years’ tax payments.
The judge also ordered the defendants to submit their National Identification Numbers, Bank Verification Numbers and two passport photographs to the court registry.
They were further barred from travelling outside Lagos State without prior court approval.
Pending fulfilment of the bail conditions, the defendants were remanded at the Force CID facility in Alagbon-Ikoyi.
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The matter was adjourned until June 24, 2026, for commencement of trial proceedings.
