The Economic and Financial Crimes Commission (EFCC) has arraigned Osaretin Osagiede before a Lagos State High Court in Ikeja over alleged offences involving N700 million belonging to Best Start Micro Finance Bank.
Osagiede was arraigned on Friday, September 4, 2026, before Justice Olukayode Ogunjobi of the Lagos State High Court on a three-count charge bordering on alleged unauthorised access to computer material and receiving stolen property.
One of the counts alleged that Osagiede and Zacharia Lorshe, who is still at large, between March 2025 and January 2026 in Lagos, intentionally caused the two-factor authentication (2FA) method on Ravenpay user accounts to be bypassed, with the intent to gain unauthorised access to the bank’s data.
The prosecution said the alleged offence contravened Section 387 of the Criminal Law of Lagos State 2011.
Another count alleged that Osagiede and Lorshe dishonestly received N700 million belonging to Best Start Micro Finance Bank, while allegedly having reason to believe that the money was stolen.
The prosecution said the alleged offence contravened Sections 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 matter until September 16, 2026, for hearing of the bail application.
The judge also ordered that Osagiede be remanded in a correctional facility pending the hearing.
