EFCC Drags Three To Court Over Alleged ₦10 Billion Bank Fraud Scandal

The Economic and Financial Crimes Commission (EFCC) has arraigned three men before the Lagos State High Court in Ikeja over their alleged involvement in a ₦10 billion bank fraud targeting Fidelity Bank Plc.

According to court proceedings, the defendants — Ibeh Emmanuel, Chidiebere Ihekoronye, and Akubuo Chimuanya — were brought before Justice Olubusola A. Okunuga on a five-count charge bordering on conspiracy, obtaining by false pretence, possession of fraudulent documents, and forgery. A fourth suspect, identified as Austen Peaks Aniekan, is reportedly at large.

Prosecutors alleged that the accused persons conspired to fraudulently obtain ₦10 billion from Fidelity Bank through forged documents and deceptive representations. The EFCC further told the court that on or about April 16, 2026, the defendants falsely claimed that Maton Engineering Limited, which operates an account with Fidelity Bank, had issued an irrevocable standing order authorising the blocking and transfer of funds in favour of Prospera Finance Limited, domiciled with Wema Bank Plc.

The anti-graft agency maintained that the claim was false and that the defendants knew it was untrue at the time it was made. They were also accused of attempting to obtain the funds based on the same alleged fraudulent instruction, as well as forging a document titled “Confirmation of Ten Billion Naira (₦10,000,000,000.00) Blocked Funds in Favour of Prospera Finance Limited,” purportedly issued by Fidelity Bank without lawful authority.

Further allegations stated that Emmanuel was found in possession of a falsified document suggesting the existence of blocked funds in favour of Prospera Finance Limited. The offences are said to contravene provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, as well as the Criminal Law of Lagos State, 2015.

All defendants pleaded not guilty when the charges were read to them. Following their plea, the prosecution requested a trial date and urged the court to remand them pending bail consideration. Justice Okunuga ordered that they be held at the Ikoyi Correctional Centre, while the matter was adjourned to June 18, 2026, for hearing of bail applications and commencement of trial. The EFCC also confirmed that investigations are ongoing and efforts are being intensified to apprehend the fleeing suspect.