The Economic and Financial Crimes Commission (EFCC) has arraigned Osaretin Osagiede before the Lagos State High Court in Ikeja over an alleged N700 million fraud involving Best Start Micro Finance Bank.
Osagiede was arraigned on Friday, by the Lagos Zonal Directorate 1 of the EFCC before Justice Olukayode Ogunjobi on a three-count charge bordering on unauthorised access to computer material and receiving stolen property.
The anti-graft agency alleged that Osagiede, alongside Zacharia Lorshe, who is currently at large, compromised the two-factor authentication (2FA) security mechanism of Ravenpay user accounts to gain unauthorised access to banking data.
According to the EFCC, the alleged offences were committed between March 2025 and January 2026 in Lagos.
One of the counts alleged that Osagiede and Lorshe “intentionally caused the Ravenpay user accounts’ two-factor authentication (2FA) method to be bypassed” with the intention of gaining unauthorised access to the bank’s data.
