The Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) has arraigned a former employee of a new-generation bank, Chinonso Akujobi, before Justice I.O. Ijelu of the Lagos State High Court in Ikeja over the alleged theft and unlawful conversion of N294,595,992.
Akujobi was arraigned on Thursday on a five-count charge bordering on stealing and the alleged diversion of bank funds valued at N294.5 million.
According to the EFCC, while working with Access Bank Plc, the defendant allegedly diverted money from the bank’s general ledger into an Access Bank account, reportedly operated in the names of Chinonso A., Uchechi A., and Florence A.
The anti-graft agency alleged that the transactions took place between January and December 2025 in Lagos and included the unlawful conversion of N109,325,566.86.
The prosecution further claimed that Akujobi dishonestly converted the funds for personal use through unauthorised transactions, an offence said to contravene Section 280 and punishable under Section 287 of the Criminal Law of Lagos State, 2015.
The defendant pleaded not guilty to all five charges when they were read in court.
Following the plea, prosecuting counsel, S.M. Yabo, asked the court to set a date for trial and remand the defendant in a correctional facility pending the hearing of the case.
Justice I.O. Ijelu adjourned the matter until October 8, 2026, for the hearing of the bail application and the commencement of trial. The court also ordered that Akujobi be remanded at the Ikoyi Correctional Centre pending further proceedings.
The Economic and Financial Crimes Commission has intensified efforts to prosecute cases involving financial crimes, including fraud, embezzlement, and the diversion of funds by employees of financial institutions. In recent years, the commission has arraigned several bank workers and former employees accused of abusing their positions to siphon customers’ funds or divert money belonging to their employers.
Financial institutions in Nigeria have also strengthened internal controls and compliance systems to curb insider fraud, which remains one of the major operational risks facing the banking sector. Banks regularly collaborate with the EFCC and other law enforcement agencies to investigate suspicious transactions and recover stolen funds.
The latest case involving former Access Bank employee Chinonso Akujobi is part of the EFCC’s ongoing crackdown on alleged financial misconduct within the banking industry. Under Nigerian law, an accused person is presumed innocent until proven guilty by a competent court.
