By Ibe Wada,Justice I.o. Idowu
Copyright bizwatchnigeria
The Economic and Financial Crimes Commission (EFCC) has arraigned a Lagos-based businessman, Ugoh Christogonus Onyewuchi, and his company, C-PAC Integrated Service Nigeria, before Justice Olubunmi Abike-Fadipe of the Special Offenses Court, Ikeja, over alleged involvement in a cyber-enabled theft exceeding ₦215.8 million.
According to court filings, the case stems from a major financial breach involving over ₦8.56 billion fraudulently withdrawn from accounts domiciled in a commercial bank through unauthorised access to its computer and server systems. The EFCC alleges that Onyewuchi retained ₦215.8 million of the stolen funds, which were traced to his company’s account — C-PAC Integrated Service Nigeria, account number 5080158271.
Charges and Allegations
The defendants were arraigned on Monday, October 13, 2025, on a two-count charge bordering on stealing and retention of proceeds of criminal conduct.
The first count accuses Onyewuchi and his company of retaining control of ₦215.8 million, described as part of the larger ₦8.56 billion illegally siphoned from bank accounts through server manipulation. The second count alleges dishonest conversion of the same amount for personal use.
Prosecutors argue that the transactions were conducted with the intent to conceal the illicit origin of the funds — a pattern consistent with recent cases of bank server compromises and internal collusion in Nigeria’s financial system.
Court Proceedings and Bail Conditions
Onyewuchi pleaded not guilty to all charges. Prosecution counsel, M.K. Bashir, requested that the court set a trial date and remand the defendant pending the conclusion of the case.
Defence counsel, G.D. Innocent, however, appealed to the court to allow his client to continue benefiting from an existing bail granted during the court’s vacation period by Justice I.O. Idowu.
Justice Abike-Fadipe upheld the earlier bail conditions but ordered that the defendant be remanded in a correctional facility pending the perfection of his bail. The case was adjourned to December 17 and 18, 2025, for the commencement of the trial.
Data from the Financial Institutions Training Center (FITC) indicates that Nigerian banks recorded ₦59.3 billion in attempted and successful fraud cases between 2019 and 2024 — with electronic channel breaches (internet banking, mobile apps, and internal IT systems) accounting for more than 70% of the total.
The alleged ₦8.5 billion server breach linked to Onyewuchi represents one of the largest digital theft cases in recent years, underscoring the growing sophistication of financial cybercrime and the urgent need for stronger cybersecurity protocols within Nigeria’s banking sector.
Industry analysts note that as banks deepen digital integration, the EFCC and Central Bank of Nigeria (CBN) face increasing pressure to enforce stricter data protection frameworks and ensure real-time monitoring of internal financial transactions to prevent insider-assisted fraud.
The EFCC has vowed to pursue the matter “to its logical conclusion,” affirming its commitment to combating technology-driven financial crimes that threaten the country’s economic stability.
If convicted, Onyewuchi faces potential penalties under Section 333 of the Criminal Law of Lagos State, 2015, which prescribes imprisonment for the offence of stealing, alongside forfeiture of proceeds derived from criminal activity.