Ecobank Staff Sentenced to One Year for N2.4 Million Cyberfraud

An Ecobank staff member, Solomon Ufayo, has been sentenced to one year in prison for his involvement in a cyberfraud scheme that resulted in the theft of N2.4 million. The conviction was handed down by the Federal High Court in Ikoyi, Lagos, following Ufayo’s arraignment on May 16. Ufayo was charged with one count of cyberfraud for impersonating an Ecobank customer, Ogunfodunrin Omowunmi Ajoke, between March 10 and 28. During this period, Ufayo, who was serving as a Relief Teller, manipulated deposit and withdrawal transactions on the customer’s account, diverting N2,404,000 into his personal OPay account.

The Economic and Financial Crimes Commission (EFCC) alleged that Ufayo’s actions were in violation of Section 22(2)(b)(i) of the Cybercrime (Prohibition, Prevention, etc.) Act, 2015, and punishable under Section 22(2)(b) of the same Act. Ufayo pleaded guilty to the charge, and the EFCC counsel, Abdulhamid Tukur, called EFCC operative David Gajere to review the facts. Gajere explained that Ufayo had issued a bank draft of N2,404,000 as restitution to the petitioner. Copies of key exhibits, including the defendant’s statement, falsified bank slips, and the certified true copy of the restitution bank draft, were also tendered.

Before his sentencing, Ufayo pleaded for leniency, attributing his actions to financial hardship. He stated, “I was tempted because my wife was pregnant. I was still in custody when she delivered. I have learnt my lesson.” However, trial judge Yellim Bogoro convicted Ufayo and sentenced him to one year in prison with an option of a N500,000 fine. Additionally, he was ordered to embark on a two-week community service as further repentance for his actions.

The recent incidents of cybercrime involving bank staff highlight an ongoing issue across Nigerian financial institutions. In May, the anti-graft Commission arraigned four former employees of Access Bank Plc over an alleged N5.73 billion fraud. The defendants exploited the bank’s lax security measures to gain unauthorized access to customer accounts and siphon funds. The case raised concerns about the bank’s compliance with regulatory requirements and its ability to protect customer funds.

In another instance, the EFCC arraigned three staff members of Wema Bank alongside four others over alleged cybercrime involving N8.5 billion. The bank employees, Samuel Asiegbu, Fabian Onyeimachi, and Kingsley Kejim, were charged alongside Hannah Okunlola Adesokan, Hamza Zakariya, Achionu Ubaku, and Sunday Osademe on an eight-count charge bordering on conspiracy and obtaining money under false pretences. According to court documents, the defendants allegedly conspired to manipulate and alter data in Wema Bank’s system in January 2025, resulting in the loss of N8,568,090,500.

In light of the rising trend, EFCC Chairman Ola Olukoyede raised an alarm that insiders within the banking industry act as informants to hackers operating outside the country. He explained that the staff of these banks often collaborate with hackers operating remotely from regions like Eastern Europe and the US to take control of bank platforms and swiftly transfer billions of naira out of the systems. Olukoyede urged bank administrators to strengthen internal controls and carry out an in-depth audit process to prevent future breaches by insider collaborators.