The Economic and Financial Crimes Commission has arraigned 14 bankers before a Federal High Court in Lagos on charges of conspiracy, obtaining money under false pretences and money laundering.
The accused allegedly exploited insider access to customer accounts to divert funds to a network of shell companies, totalling N12 billion.
EFCC spokesman Dele Oyewale said the commission had traced N8.7 billion of the allegedly stolen funds and had secured court orders freezing 37 bank accounts.
All 14 defendants pleaded not guilty and were granted bail ranging from N50 million to N200 million each.
