EFCC Arraigns Two Over Alleged Sale of FCMB Access Credentials for $15,000

The Economic and Financial Crimes Commission (EFCC) has arraigned two individuals before the Federal High Court sitting in Ikoyi, Lagos, over allegations involving the unlawful supply of access credentials linked to First City Monument Bank (FCMB).

The defendants, Gideon Bakpa Aghogho and Oscar Ebere Chukwuebuka, were brought before the court over allegations that they supplied FCMB access credentials in exchange for $15,000, alongside other alleged offences.

The case highlights growing concerns around the illicit acquisition and distribution of banking credentials, particularly as financial institutions continue to strengthen digital security systems and controls against unauthorised access.

According to the allegations before the court, the defendants were involved in a transaction concerning access credentials associated with FCMB. The EFCC’s case centres on the alleged unlawful nature of the transaction and the financial consideration reportedly exchanged.

The arraignment places the matter within the broader regulatory and law-enforcement focus on financial cybercrime, unauthorised access to banking systems and the potential misuse of confidential financial information.

For investors, the case also underscores the increasing operational and cybersecurity risks facing Nigeria’s banking sector. Banks and financial institutions face growing exposure to credential theft, social engineering, insider threats and other forms of cyber-enabled financial crime, with such incidents capable of creating financial, regulatory and reputational consequences.

The defendants remain subject to the judicial process, and the allegations against them have not been proven in court.

The case will be closely watched as Nigerian authorities continue efforts to strengthen enforcement against financial crimes and protect the integrity of the country’s banking and digital financial infrastructure.