By Mohammed Bello Doka
In an alarming case of cybercrime, the Nigeria Police Special Fraud Unit (PSFU), Ikoyi, Lagos, has apprehended five suspects accused of infiltrating the banking platform of Sterling Bank Plc and embezzling a staggering N1,257,536,572.50. The accused—three men and two women—allegedly colluded with some of the bank’s staff and external accomplices to carry out the heist.
The suspects, identified as Victor Nwabueze Ogochukwu (50), Favour Odey (22), Adekunle Daniel (34), Akachukwu Alagbogu, and Oguntade Yetunde (28), were arraigned on January 17, 2024, before Justice Ambrose Lewis-Allagoa at the Federal High Court, Lagos. They faced a three-count charge of conspiracy, hacking, unlawful possession, and conversion of funds.
According to the prosecution counsel, Justine Enang, the suspects compromised the bank’s security system using advanced cyber tools, including specific IP addresses and mobile equipment identities. Enang disclosed that the suspects’ actions violated multiple provisions of the Cyber Crimes (Prohibition, Prevention, Etc.) Act, 2015, as amended in 2024, and the Money Laundering (Prevention and Prohibition) Act, 2022.
The court heard that the suspects executed the breach between November 3 and 4, 2024, in what investigators described as a well-coordinated effort with insider assistance. While the five defendants pleaded not guilty, their bail applications revealed a tug-of-war between the prosecution and defense. Enang opposed bail, citing the suspects as potential flight risks.
Justice Lewis-Allagoa, however, ruled the offences bailable, setting the bail conditions at N50 million for each defendant, with one surety who must own landed property within the court’s jurisdiction. Pending the fulfillment of the conditions, the suspects have been remanded at the Nigerian Correctional Services (NCoS).
The case has been adjourned to March 13, 2025, for trial. This development underscores the growing threats posed by cybercrime and the need for heightened security measures within financial institutions.
As the trial unfolds, the public awaits answers about the depth of insider involvement and what preventive measures will be implemented to safeguard against such breaches in the future.
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