Four employees of Richway Microfinance Bank Limited were arraigned in the Federal High Court in Lagos on charges of defrauding customers of a total of N182.3 million. The individuals—Ikeoluwa Imuraina, Peter Olabanji, Ngozi Nwokoma, and Olubunmi Ayeni—faced multiple charges including conspiracy and obtaining money by false pretenses. Their activities reportedly occurred between January and December 2025, using unlawful methods to transfer money from customers’ accounts.

The prosecuting officer, Morufu Animashaun, informed the court that the defendants collaborated with accomplices, now at large, to execute these fraudulent activities. They allegedly manipulated the bank's systems to transfer funds from accounts belonging to clients residing in Sanusi Hostel 1 and Sanusi Hostel 2 to various other accounts. The case reveals significant issues regarding the security of banking operations and the potential for internal collusion in financial fraud cases.

As the case unfolds, it raises concerns about the regulatory framework governing microfinance banks in Nigeria and whether sufficient safeguards are in place to protect account holders from similar fraudulent activities. The court's proceedings will be closely monitored as they could lead to stricter regulations in the banking sector and reinforce the need for enhanced security measures to prevent cybercrime-related offences.