Two jailed for multi-billion naira Wema Bank fraud in Lagos

The Special Offences Court in Ikeja, Lagos, has sentenced two men — Hamza Zakaria and Nurudeen Mohammed Ibrahim — to two years and two months in prison for their roles in an ₦8.56 billion fraud involving Wema Bank.

Justice Rahman Oshodi delivered the judgment on Tuesday after both defendants pleaded guilty to amended charges filed by the Economic and Financial Crimes Commission (EFCC).

Zakaria and Ibrahim were initially arraigned on May 2, 2025, on a four-count charge bordering on conspiracy, stealing, and unlawful access to computer systems, contrary to Sections 409 and 331 of the Lagos State Criminal Law, 2011.

According to EFCC spokesman Dele Oyewale, the convicts conspired with accomplices still at large to illegally gain access to the servers of Wema Bank in January 2025.

They were linked to the fraudulent transfer of N24.8 million into an account belonging to Exact Group Limited, forming part of the N8.56 billion siphoned from various Wema Bank accounts.

Following their change of plea on November 14, the prosecution led by M.K. Bashir reviewed the facts of the case and presented several documents through EFCC operative Airende Monday. The court admitted the materials as evidence.

In his ruling, Justice Oshodi sentenced the duo to eight months’ imprisonment on count one and one year and six months on count two, with both terms to run concurrently. The court also offered them an option of a N50,000 fine.

Oyewale added that the convicts were arrested after hacking into the bank’s system and fraudulently diverting funds before being subsequently charged and convicted.