At least four employees of Richway Microfinance Bank Limited were on Tuesday arraigned before the Federal High Court, Lagos, over an alleged N182.3m fraud.
The defendants — Ikeoluwa Imuraina, Peter Olabanji, Ngozi Nwokoma and Olubunmi Ayeni — were docked before Justice Alexander Owoeye on four counts bordering on conspiracy, obtaining by false pretence, unlawful transfer of funds and cybercrime-related impersonation.
They were arraigned by operatives of the Force Criminal Investigation Department Annex, Alagbon-Ikoyi.
The prosecutor, Morufu Animashaun, told the court that the defendants allegedly committed the offences between January and December 2025 at the bank’s Lagos office located at Plot 27, Admiralty Way, Lekki Phase 1.
According to the prosecution, the defendants conspired among themselves and with others now at large to defraud account holders of Sanusi Hostel 1 and Sanusi Hostel 2, allegedly transferring a total sum of N182,302,151.75 from the customers’ accounts into various accounts belonging to different individuals.
Animashaun further alleged that the defendants compromised the bank’s internal system and created a fake email address, sunnatbello@ghotmail.com, closely resembling the legitimate address sunatbello@hotmail.com, to facilitate the fraudulent scheme.
He said the funds were “fraudulently moved” without authorisation.
The prosecutor stated that the alleged offences contravened Sections 8(a) and 7(1)(b)(i) of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006; Section 390(7) of the Criminal Code Act; and Sections 13(b)(ii) and (iii) of the Cybercrimes (Prohibition and Prevention) Act, 2015.
The defendants, however, pleaded not guilty to all the charges.
Following their pleas, the prosecution requested a trial date and urged the court to remand the defendants in custody pending trial. Defence counsel orally applied for bail, citing relevant legal authorities, but the prosecution opposed the application, arguing that no formal bail motions had been filed.
In his ruling, Justice Owoeye granted each of the defendants bail in the sum of N10m, with two sureties in like sum. He ordered that the sureties must reside within the court’s jurisdiction and provide evidence of three years’ tax payment.
The judge also directed the defendants to deposit their National Identification Numbers, Bank Verification Numbers and two passport photographs with the court, and barred them from travelling outside Lagos State without prior court approval.
Pending the perfection of their bail conditions, the defendants were ordered to be remanded at the Force CID, Alagbon-Ikoyi.
The case was adjourned to June 24, 2026, for trial.
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