A staff member of Access Bank Plc, Abdulmajeed Agboola, on Friday told the Special Offences Court sitting in Ikeja how the bank’s former employee, Olajide Ogunmoroti, allegedly used a private laptop to access the bank’s server, triggering a massive N5.7 billion fraud via unauthorized overdraft transactions.
Agboola, who appeared as the first prosecution witness in the ongoing trial, was presented by the Economic and Financial Crimes Commission (EFCC) in a case involving Ogunmoroti and three others: Michael Igbomina, David Onyeike, and Moses Iruolaje. The accused are facing a 10-count amended charge bordering on stealing, unlawful retention of proceeds of crime, money laundering, obtaining credit by false pretence, and unauthorized access to computer materials.
The case is being heard before Justice O.O. Abike-Fadipe.
According to the EFCC, the accused fraudulently manipulated the bank’s internal systems in 2023, leading to a cumulative loss of ₦5,726,994,110.23. Specific charges include:
“That you, Olajide Ogunmoroti, Michael Igbomina, David Onyeike, and Moses Iruolaje, sometime in 2023, with dishonest intent, stole and converted for your own use the sum of ₦2,253,827,379.23, property of Access Bank Plc., thereby committing an offence punishable under Section 280 of the Criminal Law of Lagos State, 2015.”
“That you… stole and converted ₦3,473,166,731.00, property of Access Bank Plc., contrary to and punishable under Section 287 of the Criminal Law of Lagos State, 2015.”
Led in evidence by EFCC counsel, Abdulhamid L. Tukur, Agboola narrated that the fraud originated from Access Bank’s Abakaliki branch, where Ogunmoroti served as the ICT representative. He said internal investigations revealed a “glitch” that allowed unauthorized overdraft limits on several customer accounts, enabling unapproved withdrawals and fund transfers to both internal and external accounts.
“We discovered fraudulent overdraft limits maintained on customer accounts, leading to over ₦5 billion in exposure,” Agboola testified.
“Further investigation showed the breach came through a personal laptop, which Ogunmoroti admitted to using to connect to the bank’s server—an act strictly prohibited by bank policy.”
Agboola also revealed that CCTV footage of the activity had been wiped, further complicating the investigation. However, evidence linking Ogunmoroti to the server breach was allegedly found during internal probes.
Following NAIJAONPOINT testimony, the prosecution tendered official petitions submitted by Access Bank concerning the breach. The defence did not oppose the application, and the documents were duly admitted into evidence by the court.
Justice Abike-Fadipe adjourned the matter until May 20, 2025, for the continuation of the trial.