The Economic and Financial Crimes Commission (EFCC) has opened its case in the alleged N458 million fraud trial involving Ibrahim Ibrahim, with a senior Unity Bank official detailing how the lender’s systems were compromised.
At proceedings on Tuesday, January 20, 2026, before Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos, the EFCC presented its first prosecution witness, Emmanuel Adeyemi, Head of Fraud Prevention and Investigation at Unity Bank.
Adeyemi told the court that the bank’s database was breached on December 24 and 25, 2021, leading to the unauthorised transfer of about N458 million from the accounts of nine customers into accounts across various banks.
He said the incident prompted Unity Bank’s management to petition the EFCC, seeking assistance to investigate the fraud and uncover the methods allegedly used by those involved. The petition, he added, was submitted alongside the bank’s preliminary investigation report.
Led in evidence by prosecution counsel S I Suleiman, Adeyemi confirmed the authenticity of the petition and supporting documents, stating that they were signed by Olusegun Famoriyo, the bank’s Chief Audit Executive, and Ebenezer Kolawole, then Executive Director for Finance and Operations and now Managing Director.
According to the witness, Famoriyo is currently in Canada on holiday, while Kolawole is away from Lagos on official duty.
The documents were tendered and admitted in evidence without objection.
Ibrahim is standing trial on a two-count charge bordering on alleged money laundering involving N458,396,967.50. He has pleaded not guilty to the charges.
Justice Owoeye adjourned the matter to May 20, 2026, for the continuation of trial.
