EFCC presents First Witness in alleged N458m Lagos fraud
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on Tuesday, January 20, 2026, presented its first prosecution witness, PW1, Emmanuel Adeyemi, Head of the Fraud Prevention and Investigation Department, Unity Bank, in the alleged N458 million fraud case involving one Ibrahim Habib Ibrahim before Justice Alexander Owoeye of the Federal High Court sitting in Ikoyi, Lagos.
The EFCC’s Head of Media and Publicity, Dele Oyewale, in a statement made available to journalists on Tuesday, said Ibrahim is standing trial on a two-count charge bordering on alleged money laundering to the tune of N458,396,967.50 (Four Hundred and Fifty-Eight Million, Three Hundred and Ninety-Six Thousand, Nine Hundred and Sixty-Seven Naira, Fifty Kobo), to which he pleaded not guilty.
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EFCC presents First Witness in alleged N458m Lagos fraud
Nkereuwem Effiong, Uyo
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on Tuesday, January 20, 2026, presented its first prosecution witness, PW1, Emmanuel Adeyemi, Head of the Fraud Prevention and Investigation Department, Unity Bank, in the alleged N458 million fraud case involving one Ibrahim Habib Ibrahim before Justice Alexander Owoeye of the Federal High Court sitting in Ikoyi, Lagos.
The EFCC’s Head of Media and Publicity, Dele Oyewale, in a statement made available to journalists on Tuesday, said Ibrahim is standing trial on a two-count charge bordering on alleged money laundering to the tune of N458,396,967.50 (Four Hundred and Fifty-Eight Million, Three Hundred and Ninety-Six Thousand, Nine Hundred and Sixty-Seven Naira, Fifty Kobo), to which he pleaded not guilty.
At the resumed sitting, prosecution counsel, S. I. Suleiman, informed the court that the prosecution was ready to open its case.
Adeyemi, led in evidence by Suleiman, told the court that the bank’s database was compromised on December 24 and 25, 2021, resulting in the fraudulent transfer of about N458 million from the accounts of nine customers to various accounts in different banks.
In further testimony, the witness stated that the bank’s management subsequently petitioned the EFCC, requesting assistance in investigating the fraud and uncovering the methods employed by the perpetrators.
According to the witness, the petition was accompanied by the bank’s preliminary investigation report.
During the proceedings, PW1 confirmed the authenticity of the petition and the attached documents, adding that they were signed by Olusegun Famoriyo, the Chief Audit Executive of the bank, and Ebenezer Kolawole, the then Executive Director, Finance and Operations, now the Managing Director of the bank.
The witness also disclosed that Famoriyo is currently in Canada on holiday, while Kolawole is away from Lagos on an official assignment.
Prosecution counsel thereafter tendered the petition and accompanying documents in evidence, and they were admitted by the court.
The case was adjourned until May 20, 2026, for continuation of the trial.
