EFCC arraigns Osaretin Osagiede over N700m fraud at Best Start Micro Finance Bank
The EFCC charged Osaretin Osagiede and Zacharia Lorshe of bypassing security to steal N700 million from Best Start Micro Finance Bank. Osagiede appeared in court on Friday facing charges for unauthorized computer access and receiving stolen property.
The Economic and Financial Crimes Commission (EFCC) arraigned Osaretin Osagiede before the Lagos State High Court in Ikeja on Friday. The indictment alleges a fraud scheme involving N700 million against Best Start Micro Finance Bank. Osagiede faces three counts of unauthorized access to computer material and receiving stolen property. The commission stated he acted with Zacharia Lorshe, who remains at large. Authorities claim Osagiede bypassed two-factor authentication for Ravenpay accounts to access banking data. The alleged crimes occurred between March 2025 and January 2026 in Lagos. Both individuals allegedly caused the bypass of security mechanisms to gain unauthorized access. They also claimed Osagiede and Lorshe dishonestly received N700 million belonging to the bank despite knowing the funds were stolen. Osagiede entered the courtroom pleading not guilty to the charges. The prosecution cited violations of Section 387, Sections 411, and Section 328(1) of the Criminal Law of Lagos State 2011.
