Three individuals have been remanded in the custody of the Nigerian Correctional Services (NCoS) following their arraignment for an alleged cyberattack on Lotus Bank, a newly established financial institution.
The suspects are accused of hacking the bank's core banking application and fraudulently transferring a staggering N60.47 million from its vault.
The Police Special Fraud Unit (PSFU) in Ikoyi, Lagos, apprehended the three men, Mohammed Abubakar, Isiyaka Hussein, and Musa Mohammed, who were subsequently brought before Justice Friday Ogazi of the Federal High Court in Lagos.
They are facing a multi-count charge that includes conspiracy, cybercrime, and money laundering.
According to the police, the defendants’ alleged criminal acts took place on or about September 17, 2024.
The charge sheet detailed an operation where the accused reportedly compromised the bank's digital infrastructure, creating new accounts to which they allegedly diverted the stolen funds.
The prosecution alleged that the money was then transferred to various accounts belonging to the defendants and their accomplices, who are currently at large.
The sum of N60,479,480 million was allegedly siphoned through two distinct fraudulent transactions.
One part of the charge outlined how the accused fraudulently compromised the system to transfer N35,479,480.00, resulting in beneficiaries receiving value for transactions while the originating accounts were not debited.
A separate charge accused the defendants of converting a further N25,000,000.00, which was transferred to specific Lotus Bank accounts, including one named Mohammed Khalid Abubakar and another named Aishat Talatu Jibrin.
The police prosecutor stated that the alleged actions of the defendants contravene several key statutes, including the Cybercrimes (Prohibition, Prevention, etc.) Act, 2024 (as amended), the Money Laundering (Prevention and Prohibition) Act 2022, and the Criminal Code Act.
“That you Mohammed Abubakar ‘M’, Isiyaka Hussein ‘M’, Musa Mohammed ‘M’ and others at large on or about the 17th day of September 2024 in Lagos within the Jurisdiction of this Honourable Court did conspire among yourselves to commit an offence to wit Computer Related Fraud,” one of the charges read.
But the defendants pleaded not guilty to the charge, prompting Justice Ogazi to order that they be remanded in the custody of the NCoS.
The court scheduled October 10, 2025, as the date to hear and determine their bail application.
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