A recent court ruling has brought one of the most significant internal banking fraud cases back into public conversation. A former financial and retail product manager has now been sentenced after admitting to hacking into his own bank’s system and moving billions out of it.
Samuel Asiegbu, a former manager at Wema Bank, was handed a three-year jail term after he pleaded guilty to his involvement in an ₦8.56 billion fraud scheme. The case was heard by Justice Rahman Oshodi at the Lagos State Special Offences Court, and the sentence came without the option of a fine.
According to the Economic and Financial Crimes Commission, Asiegbu was arraigned earlier alongside several other defendants on a four-count charge. The charges bordered on conspiracy, stealing, and unauthorized access to a computer system with the intent to commit fraud. When the case first opened in June, every defendant pleaded not guilty. But as the trial progressed, Asiegbu changed his plea to guilty, which led the judge to convict and sentence him based on the updated plea.
During sentencing, the court broke down the penalties clearly. Asiegbu received 10 months and eight days for the count relating to unauthorized computer access, and one year and eight months for the count connected to the fraudulent act itself. Both sentences will run concurrently, meaning he will serve them at the same time. With this, the court struck out the first two counts.
The EFCC disclosed that the remaining defendants will continue to face trial, with the next hearing set for November 14. Their names have not been publicly released, but the commission previously confirmed that the case involves other bankers and external accomplices.
This incident first surfaced publicly earlier in the year when the EFCC announced the arrest and prosecution of three bank staff members and four associates. Investigators alleged that the group manipulated the bank’s internal systems in January 2025, altering critical banking records and initiating transactions that resulted in losses amounting to ₦8,568,090,500. The fraud was reportedly coordinated with others still at large and structured in a way that would benefit the perpetrators financially.
For many observers, this case is another reminder of how insider threats remain one of the most difficult challenges in cybersecurity. When someone who understands a system from the inside decides to exploit it, the damage can be severe and costly. It also raises deeper questions about access controls, employee monitoring, and the importance of layered internal security.
As the trial for the other defendants continues, this conviction marks a significant milestone, not just legally, but also for the ongoing conversation about insider fraud, digital trust, and the need for stronger cybersecurity controls within financial institutions.