By Newsshelve Correspondent
The Economic and Financial Crimes Commission (EFCC) has arraigned four former employees of Access Bank Plc, Olajide Ogunmoroti, Michael Igbomina, David Onyeike, and Moses Iruolaje, over an alleged N5.73 billion fraud.
According to the EFCC, the bank’s lax security measures allowed the defendants to exploit a glitch in the bank’s server, gaining unauthorized access to customer accounts and siphoning funds.
Abdulmajeed Agboola, a bank staff member and the EFCC’s first prosecution witness, testified that the employees used personal laptops to access the bank’s server which contributed to the breach.
The EFCC’s investigation revealed that the bank’s failure to implement robust security protocols enabled the defendants to carry out the alleged fraud.
The bank’s management has been criticized for its role in the scandal, with many questioning how such a massive fraud could occur under their watch.
The case has raised concerns about the bank’s compliance with regulatory requirements and its ability to protect customer funds.
The EFCC’s prosecution of the case will likely shed more light on the bank’s culpability in the scandal.The case has been adjourned till May 20, 2025, for continuation of trial.
The outcome of the trial will be closely watched, with many expecting it to have significant implications for the banking industry.
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