Alleged N458m Fraud At Unity Bank: EFCC Presents First Witness Against Defendant

The suspect

By JUMOKE SANNI

The Economic and Financial Crimes Commission, EFCC, Lagos Zonal Directorate 1, on Tuesday, January 20, 2026, presented its first prosecution witness, PW1, Emmanuel Adeyemi, Head, Fraud Prevention and Investigation Department, Unity Bank, in the alleged N458 million fraud involving one Ibrahim Habib Ibrahim before Justice Alexander Owoeye of the Federal High Court sitting in Ikoyi, Lagos.

Ibrahim is standing trial on a two-count charge bordering on alleged money laundering to the tune of N458,396,967.50( Four Hundred and Fifty Eight Million, Three Hundred and Ninety Six Thousand, Nine Hundred and Sixty Seven Naira, Fifty kobo) to which he pleaded “not guilty”.

At the resumed sitting on Tuesday, prosecution counsel, S.I. Suleiman, informed the court that the prosecution was ready to open its case.

Adeyemi, led in evidence by Suleiman, told the court that the bank’s database was compromised on December 24 and 25 2021, thereby resulting in the fraudulent transfer of about N458 million from the accounts of nine customers to some accounts in various banks.

Giving further testimony, the witness stated that the management of the bank consequently petitioned the EFCC, requesting assistance in investigating the fraud and uncovering the methods employed by the perpetrators.

According to the witness, the petition was accompanied by the bank’s preliminary investigation report.

During the proceedings, the PW1 confirmed the authenticity of the petition and the attached documents, adding that they were signed by Olusegun Famoriyo, the Chief Audit Executive of the bank, and Ebenezer Kolawole, the then Executive Director, Finance and Operations, now the Managing Director of the bank.