By: Mandy Park
A Kaduna State High Court has convicted and sentenced two former employees of Economic and Financial Crimes Commission-prosecuted fraud case involving the diversion of funds linked to a Federal Government palliative scheme.
The convicts, Obadofin Bamise and Hadiza Yakubu, who were former staff members of Access Bank Plc, were each sentenced to seven years imprisonment by Justice A. A. Bello of the Kaduna State High Court after pleading guilty to a one-count charge bordering on criminal breach of trust and unauthorised diversion of customer funds.
The court, however, gave the two convicts an option of a ₦50,000 fine each in lieu of the custodial sentence.
According to court proceedings, Bamise unlawfully diverted ₦433,000, while Yakubu fraudulently withdrew ₦806,000 from customer accounts between November 5, 2024, and January 23, 2025, while serving as employees of the bank. Prosecutors told the court that the withdrawals were carried out without the consent or authorisation of the affected account holders.
The defendants were arraigned under Section 274 of the Kaduna State Penal Code Law, 2017, following investigations by the EFCC.
Counsel to the anti-graft agency, Moses Arumemi, urged the court to convict and sentence the defendants after they admitted guilt to the charge.
Delivering judgment, Justice Bello held that the prosecution had sufficiently established its case through the guilty pleas and evidence presented before the court.
Further investigations by the EFCC revealed that the fraud extended beyond the amounts captured in the charge sheet.
The commission disclosed that unauthorised withdrawals involving about ₦7.84 million were traced to 305 customer accounts connected to beneficiaries of a Federal Government palliative programme.
Investigators alleged that the funds were moved through multiple transactions linked to accounts managed by coordinators of the intervention scheme, raising concerns over insider abuse within the banking system.
The development adds to growing cases of internal financial fraud in Nigeria’s banking sector, where employees exploit privileged access to customer accounts and sensitive banking information for personal enrichment.
The EFCC has repeatedly warned financial institutions to strengthen internal control mechanisms and improve monitoring systems to curb insider-related fraud and protect customer funds.
