Former Wema Bank Nigeria Plc financial and retail product manager, Samuel Asiegbu, has been sentenced to three years in prison after pleading guilty to hacking into the bank’s system and stealing ₦8.56 billion.
The judgment means Asiegbu will serve three years in custody without the option of a fine before regaining his freedom. The verdict was delivered by Justice Rahman Oshodi of the Lagos State Special Offences Court, Ikeja, who found him guilty after he admitted to the charges.
Asiegbu faced an eight-count charge bordering on conspiracy, fraud, and unauthorized access to a computer system, offences which contravene the Criminal Law of Lagos State, 2011.
He was arraigned by the Economic and Financial Crimes Commission, EFCC, alongside Hamza Zakaria, Nurudeen Ibrahim, and Alhaji Sulaiman, for allegedly manipulating Wema Bank’s internal systems in January 2025, causing a financial loss exceeding ₦8.5 billion.
When the defendants were first arraigned in June, they all pleaded not guilty. However, Asiegbu later changed his plea to guilty, paving the way for his conviction and sentencing.
Justice Oshodi sentenced him to 10 months and 8 days imprisonment on count three and 1 year and 8 months on count four, with both terms to run concurrently and without the option of a fine. The court struck out counts one and two following the plea change.
The case has been adjourned to November 14, for the continuation of trial against the remaining defendants.