Massive fraud of N5.7bn triggered by ex-staff discovered at Access Bank

The Special Offences Court in Ikeja, Lagos, was on Friday held spell bond when it was revealed how Olajide Ogunmoroti, a former worker of Access Bank Plc, hacked into the server of the bank to steal about N5.7billion costumers’ fund.

An employee of the bank, Abdulmajeed Agboola, who testified in the court room narrated how the massive internal fraud occurred allegedly carried out by Ogunmoroti

Agboola explained how Ogunmoroti allegedly used a personal laptop to access the bank’s server, triggering unauthorized overdraft transactions that led to a ₦5.7 billion loss.

The case, prosecuted by the Economic and Financial Crimes Commission (EFCC), involves Ogunmoroti and three others—Michael Igbomina, David Onyeike, and Moses Iruolaje—who are jointly facing a 10-count amended charge.

The charges include stealing, unlawful retention of crime proceeds, money laundering, obtaining credit under false pretence, and illegal access to computer systems.

According to the EFCC, the defendants manipulated the bank’s internal systems in 2023, resulting in multiple fraudulent transactions.

Specific counts accuse them of stealing ₦2.25 billion and another ₦3.47 billion—both funds belonging to Access Bank Plc.

Agboola, the EFCC’s first witness, testified that the breach originated from Access Bank’s Abakaliki branch, where Ogunmoroti had worked as the ICT representative. He said the fraud was discovered during an internal investigation that exposed suspicious overdraft limits placed on several customer accounts—allowing unauthorized withdrawals and fund transfers.

Further probes revealed that Ogunmoroti admitted to using a personal laptop to connect to the bank’s secure server—an act forbidden by internal policies.

The investigation was further complicated by the disappearance of CCTV footage from the relevant period, though digital traces allegedly tied Ogunmoroti to the unauthorized access