Bank Manager Opts For 3 Years In Jail Than To Refund N8.5b
Posted on November 6, 2025
Relief may have come the way of the former financial and retail product manager with a first generation bank, Samuel Asiegbu, as he opted to go to prison for hacking and stealing N8.56 billion from the bank.
P.M.EXPRESS reports that by the judgment, the convict, Asiegbu, will spend the next three years in prison custody and then come out freely with strong financial muscle.
This was the judgment of Justice Rahman Oshodi of the Lagos State Special Offences Court in Ikeja, who found him guilty without an option of fine and sentenced him accordingly.
He pleaded guilty to the eight-count charge of conspiracy, fraud and unauthorised access to a computer system under the Criminal Law of the State.
The convict was arraigned by the Economic and Financial Crimes Commission (EFCC) alongside Hamza Zakaria, Nurudeen Ibrahim and Alhaji Sulaiman, for manipulating the bank’s internal systems in January 2025 to cause a financial loss of over N8.5 billion.
The anti-graft agency informed the court on 23rd June, 2025, when the defendants were first arraigned, that the offences violated Sections 409 and 386 of the Criminal Law of Lagos State, 2011.
All the defendants had initially pleaded not guilty to the charge.
However, the manager, Asiegbu, later changed and pleaded guilty, leading to his conviction and sentencing.
Justice Oshodi sentenced the convict to 10 months and 8 days in prison for count three and one year and 8 months for count four, both sentences are to run concurrently and without an option of a fine.
The court subsequently struck out counts one and two.
The judge has fixed 14th November, 2025, for the commencement of the trial of the remaining defendants.
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