Justice Rahman Oshodi of the Lagos State Special Offences Court in Ikeja has declined the bail request of Samuel Asiegbu, a staff member at Wema Bank Plc, who stands accused of embezzling N8,568,090,500 from the bank.
The judge rejected the bail plea, citing the compelling evidence against Asiegbu and concerns that he may evade trial.
The Economic and Financial Crimes Commission (EFCC) charged Asiegbu along with six others on counts of conspiracy and fraud.
While bail was granted to his co-accused-Ejim Kelechi, Onyeimachi Fabian, Hamzat Zakariya, Achonu Ubaka, Sunday Osademe, and Nurudeen Ibrahim-the court maintained a stricter stance on Asiegbu.
The defendants face allegations including conspiracy, unauthorized computer system access, and the theft of over N8.5 billion from Wema Bank.
The court scheduled the plea bargain hearing for the first, fourth, fifth, and sixth defendants on September 19.
EFCC’s legal representative, Mohammed Bashir, informed the court that several defendants submitted plea bargain requests during the court’s recess.
He added that most of these applications have been approved, except for the fourth defendant‘s, which remains under review.
Bashir requested the court to set the earliest possible date to hear the plea bargain agreements.
Legal representatives for the first, fourth, fifth, and sixth defendants-Victoria Aniohu, Nnamdi Anoka, and M.H. Oba-Temi-confirmed the status of their clients’ applications before the court.
However, Dr. Benson Enikuomehin, representing the second defendant, was notably absent.
After considering the submissions from both defense counsels and the prosecution, the court declared: “The bail application for the first defendant is denied. The evidence presented does not satisfy the requirements for bail.”
Bail was approved for the second through seventh defendants, each set at N50 million, contingent upon specific conditions.
The court mandated that each defendant must present two credible sureties of equivalent financial standing and submit affidavits confirming lawful employment within the court’s jurisdiction.
Additionally, defendants two, four, and six, who possess valid international passports, are required to surrender these documents to the court’s chief registrar.
Those without valid passports-the third, fifth, and seventh defendants-must provide written commitments not to seek or obtain travel documents without prior court approval.
Justice Oshodi reiterated the refusal of bail for the first defendant and underscored the importance of expediting the trial process for all parties involved.
The court adjourned further proceedings to September 19, 2025, to continue with the case.
