Police Arraign 5 Hackers For Stealing N1.2bn From Prominent Bank Server
- Five individuals have been charged with hacking into a prominent bank’s platform and stealing over N1.2 billion
- The accused face charges of conspiracy, hacking, and unlawful possession of funds, with police revealing they executed 88 unauthorized transactions
- The defendants were granted bail at N50 million with conditions but will remain in custody until the bail terms are met
Ikeja, Lagos state – Five individuals have been arraigned before the Federal High Court in Lagos for their involvement in hacking into Sterling Bank Plc’s platform, leading to the theft of over N1.2 billion.
The accused, Victor Ogochukwu, Favour Odey, Adekunle Daniel, Akachukwu Alagbogu, and Oguntade Yetunde, appeared before Justice Ambrose Lewis-Allagoa of the Federal High Court, charged with conspiracy, hacking, and unlawful possession and conversion of funds.
Court grants bail to 5 hackers who allegedly stole N1.2bn from a top Nigerian bank
Photo credit: SOPA ImagesSource: Getty Images
The five were brought to court by officers from the Police Special Fraud Unit (PSFU) in Ikoyi, Lagos.
The police prosecutor, Justine Enang, outlined that the defendants, along with others currently at large, allegedly executed the hacking operation between November 3 and 4, 2024.
According to Enang, the accused used both internal staff of Sterling Bank Plc’s and external collaborators to infiltrate the bank’s sensitive systems.
Enang revealed that the defendants used international mobile equipment identity (IMEI) numbers and IP addresses to execute 88 unauthorized transactions.
These actions compromised the bank’s data and security, causing a massive financial loss estimated at N1,257,536,572.50, The Cable reported.
“This deliberate and calculated attack on the bank’s security systems is a clear violation of the Cyber Crimes (Prohibition, Prevention, etc.) Act, and the defendants are guilty of serious offences,” Enang stated.
He emphasized that the crimes also contravened the Money Laundering (Prevention and Prohibition) Act of 2022.
Defendants plead not guilty
Despite the grave charges, the accused individuals pleaded not guilty to all the counts.
Their legal representatives argued for bail, requesting that the court release their clients on liberal terms.
However, prosecutor Enang opposed the bail application, citing the severity of the charges and the potential flight risk posed by the defendants.
“These individuals are involved in a high-profile cybercrime operation, and granting bail could jeopardize the trial,” Enang argued.
Court grants bail to 5 alleged hackers
After considering the submissions, Justice Lewis-Allagoa granted the defendants bail at N50 million, with one surety each in the same sum.
The judge further specified that the surety must own a landed property within the court’s jurisdiction, Leadership reported.
The case has been adjourned until March 13, 2025, for trial. Until the bail conditions are met, the defendants will remain in the custody of the Nigerian Correctional Services (NCoS).
Justice Lewis-Allagoa’s decision to remand the defendants in custody reflects the gravity of the charges they face, with the trial set to begin in the coming months.
EFCC arrests 25 suspected internet fraudsters in Benin
Earlier, TheTalk.NG reported that operatives of the Economic and Financial Crimes Commission (EFCC), Benin Zonal Directorate, have arrested 25 individuals allegedly involved in internet fraud.
The arrests took place on Thursday, January 16, at a suspected cybercrime training centre in Benin City, Edo State.
Source: TheTalk.NG
