The Economic and Financial Crimes Commission has arraigned a Lagos resident, Andrew Odekina, before a Special Offences Court in Ikeja over an alleged fraud involving N9.87 million.
Odekina was brought before Justice Mojisola Dada on a one-count charge bordering on the retention of proceeds of criminal conduct, contrary to the provisions of the EFCC (Establishment) Act, 2004.
According to the anti-graft agency, the defendant, in collaboration with accomplices still at large, allegedly received and retained the sum of N9,873,215 in his account with First City Monument Bank in 2025.
The commission further alleged that the funds formed part of a larger fraud amounting to over N3.09 billion, said to have been siphoned from customers’ accounts through unauthorised access to the bank’s digital platforms.
Prosecutors told the court that Odekina knowingly kept funds believed to be proceeds of unlawful activities.
The defendant, however, pleaded not guilty when the charge was read to him.
Read also:
- EFCC hands over N3.94bn recovered funds to NNPC over internal fraud
- EFCC arrests 3 suspected illegal Gold Miners in Maiduguri
- EFCC returns ₦387 Million recovered funds to Jigawa State Government
Following the plea, prosecution counsel, Babatunde Sonoiki, asked the court to fix a date for trial and requested that the defendant be remanded pending the determination of the case. Odekina, who was not represented by counsel at the time of the hearing, did not oppose the application.
Justice Dada subsequently adjourned the matter until May 11, 2026, for the commencement of trial and ordered that the defendant be remanded in a correctional facility pending the outcome of proceedings.
The case adds to a growing number of financial crime prosecutions as authorities intensify efforts to tackle fraud and protect Nigeria’s banking system.
