Abiodun Maccarthy, a former bank employee, has been charged with ?423 million fraud concerning a customer's fixed deposit investment before Justice Mojisola Dada of the Special Offenses Court in Ikeja, Lagos.  

On Thursday, July 31, 2025, the Economic and Financial Crimes Commission (EFCC) brought Maccarthy before the court.

He is charged with four counts related to theft and forgery, which are alleged to be violations of Sections 278 and 361(1) of the Lagos State 2011 Criminal Law.  

The defendant allegedly converted ?423 million of a ?650 million deposit made by a client, Great Endurance Bureau De Change, for a fixed deposit investment in 2018, according to a statement released by EFCC spokesperson Dele Oyewale.  

While he was still working for the bank, the money was allegedly taken out for his own use.  Maccarthy was accused of forging a fixed deposit investment certificate with slip number 332540, which he gave to the client as evidence of the transaction, in order to hide the alleged fraud.

One of the counts reads: “Abiodun Maccarthy, sometime in 2018 at Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of ?423,000,000.00 (Four Hundred and Twenty-Three Million Naira), money which forms part of ?650,000,000.00 (Six Hundred and Fifty Million Naira) paid to you by Great Endurance Bureau De Change for fixed deposit investment while you were in the bank’s employ.”

Another count adds that he “with intent to defraud, forged a fixed deposit investment certificate with slip no. 332540 and issued same to Great Endurance Bureau De Change as evidence of investment.”

Maccarthy entered a not guilty plea to each and every accusation.  After he entered his plea, B. M. Isah, the prosecution's attorney, asked the court to remand the defendant in a correctional facility and asked for a trial date.  

Justice Dada granted the plea, remanded Maccarthy in detention, and postponed the case until October 22, 2025.

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