Three men accused of orchestrating a sophisticated cyber heist that allegedly siphoned over N60.4 million from Lotus Bank’s vault have been granted bail by the Federal High Court in Lagos.
The defendants, Mohammed Abubakar, Isiyaka Hussein, and Musa Mohammed, were granted bail on Friday after the prosecution made no objection, clearing the way for their temporary release ahead of a full trial scheduled for early 2026.
Justice Friday Ogazi granted each of the alleged hackers bail in the sum of N30 million, with one surety each in a like sum.
The stringent bail conditions require that the surety be either a landed property owner with all title documents within the court's jurisdiction or a civil servant not below Grade Level 12 in a Lagos or Federal Government ministry or establishment.
The trio, who were arraigned in September by the Police Special Fraud Unit (PSFU) in Ikoyi, Lagos, are facing charges including conspiracy, cybercrime-related offences, and fraudulent removal of N60,479,480.00 from the bank.
During the bail application hearing, the defendants’ legal counsel, I. S. Ishola and J. C. Obajunwan, moved their applications.
The prosecutor, Y. M. Bello, while not opposing the bail, told the court that the decision to grant bail rests at the court’s discretion but urged the court to impose conditions that would guarantee the defendants’ attendance throughout the trial.
Consequently, the court acceded to the application, and adjourned the matter to late January 2026, allowing time for the prosecution and defence to prepare for the substantive case.
The alleged cybercrime took place on or about September 17, 2024, with the defendants purportedly acting in concert with others now at large.
The charges detail how the accused allegedly compromised and hacked Lotus Bank’s Core Banking Application.
The six-count charge filed against the defendants paints a picture of a calculated scheme involving both the manipulation of bank data and the illicit transfer of funds.
Specifically, Count 2 alleged that the defendants “knowingly and without lawful authority fraudulently compromised and hacked into Lotus Bank Ltd's Core Banking Application and created an opening wherein your cohorts transferred funds from their individual accounts to another to the tune of N35, 479, 480.00 and their accounts were not debited whereas beneficiaries received value for the transactions.”
Furthermore, Counts 4 and 5 focus on money laundering, alleging that the accused fraudulently hacked the system and took possession of a total sum of N25,000,000.00, transferring it into various accounts, including those named Mohammed Khalid Abubakar and Aishat Talatu Jibrin, knowing the funds were proceeds of an unlawful act.
The PSFU maintained that the alleged illegal acts contravene several key statutes, including sections of the Cybercrimes (Prohibition, Prevention, etc.) Act (As amended) 2024, sections of the Money Laundering (Prevention and Prohibition) Act 2022, and the Criminal Code Act.
The three defendants have, however, pleaded not guilty to all charges marked FHC/L/768c/2025.
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