Justice Yellim Bogoro of the Federal High Court in Ikoyi, Lagos, has sentenced Solomon Stephen Ufayo, a staff member of Ecobank Nigeria Plc, to one year imprisonment for cybercrime involving N2,404,000.
Ufayo, who worked as a Relief Teller at the bank, was arraigned on May 16, 2025, by the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) on a one-count charge of cybercrime.
Details of the Fraud
According to court documents, between March 10 and 28, 2025, Ufayo fraudulently posed as a customer, Ogunfodunrin Omowunmi Ajoke, by initiating false deposit and withdrawal transactions on her account.
The charge stated that Ufayo posted false deposit and withdrawal tellers on Ajoke's Ecobank account number 2801086259 with the intent to gain advantage for himself, an offense contrary to Section 22(2)(b)(i) of the Cybercrime (Prohibition, Prevention, etc) Act, 2015.
During the court proceedings, EFCC operative David Ngale Gajere revealed that Ufayo credited Ajoke's account with false deposits and subsequently withdrew a total sum of N2,404,000 using falsified withdrawal slips. The money was then transferred into his personal Opay account without the customer's consent.
Conviction and Sentencing
The defendant pleaded guilty to the charge when it was read to him. During sentencing, Ufayo pleaded for mercy, citing financial hardship due to his wife's pregnancy as the reason behind his actions. He told the court he had learned from his mistakes.
The prosecution noted that Ufayo had made a voluntary statement during the investigation and later issued a bank draft in the amount of N2,404,000 as restitution.
After reviewing all submissions, Justice Bogoro sentenced Ufayo to one year imprisonment with an option of a N500,000 fine. The court also ordered that he undertake two weeks of community service.
This case highlights the growing concern over insider threats in Nigeria's banking sector and the increasing vigilance of regulatory authorities in combating financial crimes.
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