EFCC Opens Case in Alleged N458m Fraud Trial
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on Tuesday, January 20, 2026, presented its first prosecution witness in the alleged N458 million fraud case against Ibrahim Habib Ibrahim before Justice Alexander Owoeye of the Federal High Court sitting in Ikoyi, Lagos.
Ibrahim is standing trial on a two-count charge bordering on alleged money laundering involving N458,396,967.50, to which he pleaded not guilty.
At the resumed hearing, prosecution counsel, S.I. Suleiman, informed the court that the prosecution was ready to open its case. The first witness, PW1, Emmanuel Adeyemi, Head of the Fraud Prevention and Investigation Department of Unity Bank, was thereafter called to testify.
Led in evidence by Suleiman, Adeyemi told the court that Unity 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 across different banks.
He stated that the bank’s management subsequently petitioned the EFCC, seeking assistance to investigate the fraud and identify the methods used by the perpetrators. The petition, he said, was accompanied by the bank’s preliminary investigation report.
The witness confirmed the authenticity of the petition and its attachments, noting that they were signed by Olusegun Famoriyo, the bank’s Chief Audit Executive, and Ebenezer Kolawole, then Executive Director, Finance and Operations, now the Managing Director of the bank.
He added that Famoriyo is currently in Canada on holiday, while Kolawole is away from Lagos on an official assignment.
The prosecution thereafter tendered the petition and accompanying documents, which were admitted in evidence by the court.
The matter was adjourned until May 20, 2026, for the continuation of trial.
