The Economic and Financial Crimes Commission (EFCC) has arraigned Osaretin Osagiede over an alleged N700 million fraud involving Best Start Micro Finance Bank.
The Lagos Zonal Directorate 1 of the EFCC arraigned Osagiede on Friday, September 4, 2026, before Justice Olukayode Ogunjobi of the Lagos State High Court sitting in Ikeja.
According to EFCC spokesperson Dele Oyewale, Osagiede is facing a three-count charge bordering on unauthorised access to computer material and receiving stolen property.
One of the counts alleged that Osagiede and Zacharia Lorshe, who is still at large, bypassed the two-factor authentication (2FA) method on Ravenpay user accounts between March 2025 and January 2026.
The charge states: “That you Osaretin Osagiede and Zacharia Lorshe (at large), between March, 2025 and January 2026, in Lagos, within the jurisdiction of this Honourable Court, intentionally caused the Ravenpay user accounts’ two-factor authentication (2FA) method to be bypassed, with the intent to secure unauthorised access to the bank’s data and committed an offence contrary to Section 387 of the Criminal Law of Lagos State 2011.”
Another count alleged that Osagiede dishonestly received N700 million belonging to Best Start Micro Finance Bank, knowing or having reason to believe that the money was stolen.
The charge states: “That you Osaretin Osagiede and Zacharia Lorshe (at large), between March 2025 and January 2026 in Lagos, within the jurisdiction of this Honourable Court, dishonestly received the stolen sum of N700,000,000.00 (Seven Hundred Million Naira), property of Best Start Micro Finance Bank, whilst having reason to believe the same to be stolen property and committed an offence contrary to Section 411 and 328(1) of the Criminal Law of Lagos State 2011.”
Osagiede pleaded “not guilty” to the charges.
Following his plea, prosecution counsel, H.U. Kofarnaisa, requested a trial date and urged the court to remand the defendant in a correctional facility pending the hearing of his bail application.
Justice Ogunjobi adjourned the case until September 16, 2026, for hearing of the bail application and ordered that Osagiede be remanded in a correctional facility.
The allegations are yet to be determined by the court.
