Two Men Sentenced to 26 Months for N8.56bn Cyberbank Fraud in Lagos

Justice Rahman Oshodi of the Lagos Special Offences Court, Ikeja, has convicted and sentenced Hamza Zakaria and Nurudeen Ibrahim to 26 months in prison each for their role in an N8.56 billion cyber fraud.

The duo were found guilty of illegally accessing the computer systems of a new-generation bank. They were initially arraigned on May 2, 2025, alongside other suspects, on a four-count charge brought by the Economic and Financial Crimes Commission (EFCC).

Their charges included conspiracy, stealing, and unlawful computer access, in violation of Sections 409 and 331 of the Lagos State Criminal Law, 2011. Both defendants had pleaded not guilty but later changed their plea after the EFCC presented amended charges.

During the trial, EFCC operative Airende Monday presented documents admitted into evidence. Justice Oshodi, delivering judgment, stated:
“I find the defendants guilty in the two-count amended information, and I convict them accordingly. This is the judgment of the court.”

The court sentenced them to eight months for the first count and one year and six months for the second, with the sentences to run concurrently. Each defendant has the option to pay a N50,000 fine.

According to the EFCC, Zakaria, Ibrahim, and others still at large conspired in January 2025 to illegally access and manipulate Wema Bank’s computer systems, transferring and retaining proceeds from the breach.