Sterling Bank Plc has reportedly lost a colossal sum of N1.257 billion to an alleged hacking scheme carried out by a five-person internet fraud syndicate.
The suspects were arraigned before Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos for allegedly infiltrating the bank’s platform and its Bance Application, siphoning N1,257,536,572.50.
The accused, identified as 50-year-old Victor Nwabueze Ogochukwu, 22-year-old Favour Odey, 34-year-old Adekunle Daniel, 28-year-old Akachukwu Alagbogu, and Oguntade Yetunde, were presented in court by operatives of the Police Special Fraud Unit (PSFU), Ikoyi, Lagos.
Addressing the court, the prosecutor, Justine Enang, revealed that the defendants, along with others still at large, allegedly committed the cyber heist between November 3 and 4, 2024.
The operation involved internal and external collaborators who allegedly compromised Sterling Bank’s sensitive data and security systems using an international mobile equipment identity number, IP address, and fraudulent transaction techniques.
The prosecutor stated that the defendants’ actions contravened sections 27(1)(b) and 14(1) of the Cyber Crimes (Prohibition, Prevention, etc.) Act, 2015, as amended in 2024.
Furthermore, the charges include violations of the Money Laundering (Prevention and Prohibition) Act, 2022.
All five defendants pleaded not guilty to the three-count charges of conspiracy, hacking, and unlawful possession and conversion of funds.
As a result, their lawyers asked the court for bail, just as they pleaded with the trial judge to grant the applications on lenient terms.
But Enang opposed the bail applications, arguing that the defendants posed a flight risk. He also presented multiple reasons to justify his objection.
After hearing both sides, Justice Lewis-Allagoa granted bail to each defendant in the sum of N50 million, with one surety in like sum.
The judge stipulated that the sureties must own landed properties within the court’s jurisdiction.
Pending the fulfilment of these bail conditions, the court ordered the defendants to remain in the custody of the Nigerian Correctional Services (NCoS).
The case was adjourned to March 13, 2025, for trial.
According to the charge, the defendants conspired to defraud Sterling Bank of over N1.2 billion.
They reportedly manipulated the bank’s systems, transferring funds from customers’ accounts into fraudulent accounts with the assistance of internal and external collaborators.
One of the charges reads: “That you, Victor Nwabueze Ogochukwu ‘m’, Favour Odey ‘f’, Adekunle Daniel ‘m’, Akachukwu Alagbogu, and others now at large, on or about November 3 and 4, 2024, in Lagos State, within the jurisdiction of this honourable court, conspired to commit internet fraud to the sum of N1,257,536,572.50, contrary to section 27(1)(b) of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 as amended in 2024, read along with section 14(1) of the same Act.”
Another charge stated that the defendants, without authorization, caused Sterling Bank a financial loss of over N1.2 billion by exploiting vulnerabilities in its systems.
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