₦270 Million Bank Fraud: Four Employees Arrested in Lagos

Four bank employees have been arrested by the Lagos State Police Command in connection with a complex fraud and money laundering operation that siphoned over £138,000 (approximately ₦270 million) from international airline accounts. The arrests followed a detailed investigation after the affected bank noticed unauthorized transfers from its domiciliary accounts and alerted authorities.

The police spokesperson, CSP Benjamin Hundeyin, revealed the suspects allegedly collaborated to illegally move funds into personal accounts before redistributing them to multiple destinations to obscure the trail. Among those arrested was Oluwatobiloba Olaleye, 27, apprehended in Ogun State on March 12, 2025. A Toyota Camry believed to have been purchased with the stolen funds was recovered from him. Oladunjoye Adegoke, 33, was arrested a day later in Victoria Island, Lagos, with another Toyota Camry linked to the proceeds of the crime also recovered.

Further investigations led to the arrest of two senior staff members from the bank’s Trade Services Department: Austin Alfred, 38, a department supervisor, and Jude Uzobuaku, 36, a processor. Both allegedly played critical roles in facilitating the illegal transfer of funds to foreign accounts.

Police say the stolen money was initially funneled into an account controlled by one of the suspects and then dispersed across multiple other accounts, making it difficult to trace. Efforts are ongoing to recover the remaining funds and identify more individuals linked to the crime.

All four suspects are currently in custody and will face prosecution. The police have called on members of the public to report suspicious financial activities, reinforcing their commitment to combating economic crimes.