The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on Tuesday presented its first prosecution witness in the ongoing trial of Ibrahim Ibrahim over an alleged N458 million fraud.
Ibrahim is standing trial before Justice Alexander Owoeye of the Federal High Court sitting in Ikoyi, Lagos, on a two-count charge bordering on alleged money laundering involving the sum of N458,396,967.50.
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He pleaded “not guilty” to the charges.
At the resumed hearing, prosecution counsel, S.I. Suleiman, informed the court that the prosecution was ready to open its case.
The EFCC’s first witness, Emmanuel Adeyemi, Head of the Fraud Prevention and Investigation Department at Unity Bank, was thereafter led in evidence by the prosecution.
Adeyemi told the court that the bank’s database was compromised on December 24 and 25, 2021, an incident that led to the fraudulent transfer of about N458 million from the accounts of nine customers into several accounts across different banks.
He said, “Following the discovery of the fraud, the management of Unity Bank petitioned the EFCC, seeking its assistance to investigate the incident and unravel the methods used by the perpetrators.”
According to the witness, the petition was submitted alongside the bank’s preliminary investigation report.
Adeyemi further confirmed the authenticity of the petition and its accompanying documents, stating that they were signed by Olusegun Famoriyo, the bank’s Chief Audit Executive, and Ebenezer Kolawole, the then Executive Director, Finance and Operations, who is now the Managing Director of the bank.
He added, “Famoriyo is currently in Canada on holiday, while Kolawole is away from Lagos on official assignment.”
Following his testimony, the prosecution tendered the petition and the accompanying documents in evidence, which were admitted by the court without objection.
Justice Owoeye subsequently adjourned the case until May 20, 2026, for the continuation of trial.
