Samuel Asiegbu, ex-Wema Bank manager, gets a tough three-year jail term after pleading guilty to hacking and stealing N8.56bn
Samuel Asiegbu, the former financial and retail product manager with Wema Bank Nigeria Plc, has been handed a three-year prison sentence after admitting to hacking and stealing N8.56 billion from the bank’s system.
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The judgment, delivered by Justice Rahman Oshodi of the Lagos State Special Offences Court in Ikeja, came after Asiegbu changed his plea to guilty on an eight-count charge of conspiracy, fraud, and unauthorised computer access.
The judge found him guilty and sentenced him accordingly, with no option of fine.
According to court proceedings, Asiegbu was arraigned by the Economic and Financial Crimes Commission (EFCC) alongside three others — Hamza Zakaria, Nurudeen Ibrahim, and Alhaji Sulaiman — for manipulating the bank’s internal systems in January 2025, leading to losses exceeding N8.5 billion.
During his sentencing, the court imposed 10 months and 8 days imprisonment for count three and one year and 8 months for count four. Both sentences are to run concurrently.
The court also struck out counts one and two after considering the defendant’s admission of guilt.
Observers noted that Asiegbu’s decision to plead guilty may have been strategic, offering him relief and a shorter prison term compared to a prolonged trial.
His conviction brings a close to one part of the case, while the trial of the remaining defendants will begin on 14 November 2025.
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The development underscores the EFCC’s ongoing crackdown on internal banking fraud and highlights the serious penalties now facing offenders within Nigeria’s financial sector.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
