8.5BN FRAUD: COURT JAILS TWO FRAUDSTERS TO TWO YEARS’ IMPRISONMENT IN LAGOS. (PHOTO). #PRESS RELEASE

 8.5bn Fraud: Court Jails Two Fraudsters to Two Years’ Imprisonment in Lagos

Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, on Tuesday, November 18, 2025, convicted and sentenced the duo of Hamza Zakaria and Nurudeen Mohammed Ibrahim to two years and two months’ imprisonment for their roles in an ₦8.56 billion fraud involving unauthorized access to a new-generation bank’s computer systems.

Zakaria and Ibrahim were initially arraigned on May 2, 2025, alongside other defendants, on a four-count charge bordering on conspiracy, stealing, and unauthorized access to a computer system, contrary to Sections 409 and 331 of the Criminal Law of Lagos State, 2011.

Count One reads  that : “HAMZA ZAKARIA AND NURUDEEN MOHAMMED IBRAHIM and other persons at large, sometime in January 2025 at Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves to transfer and otherwise retain criminal proceeds from unauthorized access to Wema Bank’s computer and servers.”

Count Two reads that : “HAMZA ZAKARIA AND NURUDEEN MOHAMMED IBRAHIM and other persons at large, sometime in January 2025 at Lagos, within the jurisdiction of this Honourable Court, transferred and otherwise retained control of ₦24,890,000 paid into Exact Group Limited account number 0121622626 domiciled with Wema Bank — money which formed part of ₦8,568,090,500 (Eight Billion, Five Hundred and Sixty-Eight Million, Ninety Thousand, Five Hundred Naira) stolen from other domiciled accounts with Wema Bank Nigeria Plc through unauthorized access to their computer and server.”

They pleaded not guilty to the charges when they were read to them.

However, on Friday, November 14, 2025, the defendants changed their plea to guilty following the presentation of amended charges, prompting the court to convict and sentence them accordingly.

While reviewing facts of the case, prosecuting counsel,  M.K. Bashir called witness Airende Monday, an operative of the Economic and Financial Crimes Commission (EFCC).  He  addressed the court on the charges preferred against the defendants.   Several documents were tendered and admitted as exhibits.

Delivering judgment, Justice Oshodi stated: “I find the defendants guilty in the two-count amended information, and I convict them accordingly. This is the judgment of the court.”

He sentenced them to eight months’ imprisonment on count one and one year and six months’ imprisonment on count two. Both sentences are to run concurrently. The sentence came with an option of  fine  of ₦50,000

The convicts bagged their imprisonment when they were arrested for hacking into the system of a new generation bank and made away with the sum  of ₦8,568,090,500 (Eight Billion, Five Hundred and Sixty-Eight Million, Ninety Thousand, Five Hundred Naira).  They were charged to court and convicted.