Ecobank Employee Jailed for N2.4 Million Cyber Fraud in Lagos, Ordered to Pay Fine and Perform Community Service
By Okafor Joseph, Editor | June 17, 2025 | SpringnewsNG Media Limited
Crime & Judiciary
A staff member of Ecobank Nigeria Plc, Solomon Stephen Ufayo, has been sentenced to one year in prison for committing a cybercrime involving N2.4 million, after being convicted by Justice Yellim Bogoro of the Federal High Court, Ikoyi, Lagos.
Ufayo, who served as a Relief Teller at Ecobank, 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 bordering on cyber fraud.
According to court documents, between March 10 and 28, 2025, Ufayo fraudulently impersonated a customer, Ogunfodunrin Omowunmi Ajoke, by initiating false deposit and withdrawal transactions on her account (Ecobank Account No. 2801086259) to gain personal financial advantage.
“You, Solomon Stephen Ufayo, within the jurisdiction of this Honourable Court, fraudulently represented yourself as a customer by posting false deposit and withdrawal tellers with intent to benefit unlawfully, thereby committing an offence contrary to Section 22(2)(b)(i) and punishable under Section 22(2)(b) of the Cybercrime Act, 2015,” the charge stated.
Ufayo pleaded guilty to the charge when read in court. Following his plea, EFCC counsel Abdulhamid L. Tukur presented EFCC operative David Ngale Gajere to outline the case.
Gajere revealed that Ufayo manipulated Ecobank’s teller system to falsely credit Ajoke’s account, withdrew a total of N2,404,000 using forged withdrawal slips, and transferred the stolen funds to his personal Opay account, all without the customer’s knowledge.
During the investigation, Ufayo made a voluntary confession and refunded the exact amount involved through a bank draft to the EFCC as restitution.
Pleading for leniency, the convict cited financial hardship caused by his wife’s pregnancy, expressing regret and a commitment to reform.
After considering all submissions, Justice Bogoro sentenced Ufayo to one year imprisonment, offering him an alternative fine of N500,000. Additionally, the court ordered him to complete two weeks of community service.
The ruling underscores the Federal Government’s continued push to crack down on internal banking fraud and cyber-related financial crimes in Nigeria.
