Two former employees of Access Bank have been sentenced to seven years in prison after admitting to stealing funds linked to hundreds of beneficiaries under the Federal Government’s palliative scheme, in a case that is reigniting concerns over insider fraud in Nigeria’s banking sector.
The Economic and Financial Crimes Commission (EFCC) said it secured the convictions of Obadofin Daniel Bamise and Hadiza Oyiza Yakubu before Justice A.A. Bello of the Kaduna State High Court following separate prosecutions on charges of theft.
According to court filings, the former bank workers carried out unauthorized withdrawals while serving at Access Bank’s Kaduna branch between November 5, 2024, and January 23, 2025.
Bamise was convicted for stealing ₦433,000 belonging to the bank, while Yakubu admitted to unlawfully taking ₦806,800. Both defendants pleaded guilty.
Prosecuting counsel Moses Arumemi urged the court to convict and sentence the pair in line with the law. Justice Bello subsequently handed each defendant a seven-year prison term with an option of a ₦50,000 fine.
But EFCC investigators said the scale of the fraud stretched far beyond the amounts listed in the individual charges.
According to the anti-graft agency, the convicts allegedly orchestrated unauthorized withdrawals affecting 305 customers, most of whom were beneficiaries of the Federal Government’s palliative program designed to cushion economic hardship.
Investigators said a total of ₦7.84 million was withdrawn and diverted into accounts belonging to coordinators linked to the scheme.
The ruling has sparked renewed debate over accountability in Nigeria’s banking system, especially amid growing public concern that vulnerable citizens enrolled in social intervention programs remain exposed to insider abuse.
Critics have also questioned the sentencing structure, arguing that the ₦50,000 fine option appears disproportionately low compared to the scale of the alleged fraud and the number of affected victims.
