An Ikeja High Court in Lagos has remanded Osaretin Osagiede Ojo over an alleged N700 million fraud involving Best Start Micro Finance Bank.
Osaretin Osagiede Ojo was ordered to be kept in custody after he pleaded not guilty to charges filed against him by the Economic and Financial Crimes Commission (EFCC).
The EFCC alleged that Ojo, alongside another suspect, Zacharia Lorshe, who is still at large, illegally bypassed the two-factor authentication system of Ravenpay user accounts to gain unauthorised access to banking data.
According to the anti-graft agency, the alleged offences occurred between March 2025 and January 2026 in Lagos.
The prosecution, led by H.U. Kofarnaisa, further accused Ojo of dishonestly receiving N700 million allegedly stolen from Best Start Micro Finance Bank, despite allegedly having reason to believe that the money was proceeds of theft.
One of the charges alleged that Ojo and Lorshe intentionally caused the Ravenpay accounts’ two-factor authentication system to be bypassed, thereby securing unauthorised access to the bank’s data.
Another count accused the duo of receiving the N700 million belonging to Best Start Micro Finance Bank, contrary to relevant provisions of the Criminal Law of Lagos State, 2011.
Ojo, however, pleaded not guilty to the charges.
Following his plea, EFCC counsel urged the court to remand him in a correctional facility pending the hearing of his bail application.
Justice Olukayode Ogunjobi granted the request and ordered that Ojo be remanded.
The judge adjourned the case until September 16, 2026, for hearing of the defendant’s bail application.
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