It was high drama at the Lagos Special Offences Court, Ikeja, on Monday as Justice Rahman Oshodi refused to grant bail to Samuel Ihechukwu Asiegbu, a staff of WEMA Bank Plc, accused of masterminding an audacious fraud of N8.568 billion against the bank.
While six of his accomplices, Ejim Kingsley Kelechi, Onyeimachi Fabian, Hamzat Zakariya, Achonu Chukwuka Ubaka, Sunday Osademe and Nurudeen Ibrahim who pleaded guilty secured bail on strict conditions, Asiegbu’s fate took a different turn.
Justice Oshodi ruled that the evidence against the bank official was “weighty,” raising fears that he might abscond if released.
The seven defendants are standing trial for conspiracy, unauthorized access to the bank’s computer system, and the theft of billions from WEMA Bank Plc.
In a twist, the court heard that four of the accused, including Asiegbu, had applied for plea bargains with the Economic and Financial Crimes Commission (EFCC), though only three applications have so far been approved.
Granting bail to the other defendants in the sum of N50 million each, Justice Oshodi ordered them to surrender their international passports, provide tax records for three years, and present sureties whose bank accounts could be flagged up to the bail sum pending trial.
He held: “The second, fourth, and sixth defendants, being holders of valid international passports, shall surrender the same to the chief registrar of this court.
“The third, fifth, and seventh defendants, not possessing valid international passports, shall provide written undertaking not to apply for or obtain any travel document without the prior leave of this court, and without the dependency of this court.
“The court registrar shall notify the Nigeria Immigration Service of the submission of the passport, and the conditions requiring the undertaking, depending the determination of this case.
The judge stated further that “All the sureties shall be placed in state shelter maintained by the Lagos State judiciary.”
He added, “These sureties shall produce evidence of tax paid to Lagos State within the last three years.
“These sureties shall sign an undertaking, consenting to the placement of the debt on their bank account to the limit of the due sum, pending the final determination of the case before this court.
“The Chief Registrar of this court shall verify all bail conditions.
“The first defendant’s application for bail is refused,” the judge ruled, directing an accelerated hearing of the case.
The matter was adjourned until September 19, 2025, when the plea bargain agreements will be considered.