An Ikeja Special Offences Court has sentenced one Samuel Asiegbu to three years in prison over his role in an ₦8.56 billion fraud case involving Wema Bank Plc.

The Economic and Financial Crimes Commission (EFCC), in a statement on Thursday, confirmed that Justice Rahman Oshodi convicted and sentenced Asiegbu after he pleaded guilty to charges related to the massive bank fraud.

According to the EFCC, Asiegbu and others were arraigned on a four-count charge bordering on conspiracy, stealing, and unauthorised access to a computer system with intent to commit fraud, offences that violate sections 409 and 386 of the Criminal Law of Lagos State, 2011.

The statement noted:

“The defendants were first arraigned on June 23, and all initially pleaded not guilty. However, Asiegbu later changed his plea to guilty, prompting the court to convict and sentence him accordingly. The trial of the remaining defendants will continue.”

Delivering judgment, Justice Oshodi sentenced Asiegbu to 10 months and 8 days on count three, and 1 year and 8 months on count four, both without the option of a fine. The sentences will run concurrently, meaning Asiegbu will serve a total of three years in prison.

The court also struck out counts one and two following the plea change, while adjourning the case to November 14 for the continuation of trial against the other unnamed defendants.

The EFCC assured the public that it remains committed to pursuing justice in financial crimes and strengthening accountability within the banking sector.