In a significant cybercrime case, five individuals have been arraigned before Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos for allegedly hacking into Sterling Bank Plc’s banking platform and siphoning an astonishing ₦1,257,536,572.50 thereby committing Cyber fraud.
The suspects, Victor Nwabueze Ogochukwu (50), Favour Odey (22), Adekunle Daniel (34), Akachukwu Alagbogu (28), and Oguntade Yetunde (F), were brought to court by the Police Special Fraud Unit (PSFU), Ikoyi, Lagos.
The alleged cyber fraud, which reportedly took place on November 3 and 4, 2024, involved collaboration between the suspects, internal bank staff, and external parties. Prosecutor Justine Enang stated that the group exploited sensitive data and sterling bank’s security systems, utilizing international mobile equipment identity, IP addresses, and fraudulent transactions to execute the heist.
The defendants face charges of conspiracy, hacking, and unlawful conversion of funds, violating sections of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 (as amended in 2024) and the Money Laundering (Prevention and Prohibition) Act, 2022. Despite pleading not guilty to all charges, they were granted bail at ₦50 million each with a surety who must own landed property within the court’s jurisdiction.
Barrister Enang opposed the bail applications, citing the defendants as potential flight risks. Justice Lewis-Allagoa, while granting bail, ordered their remand in the Nigerian Correctional Services (NCoS) custody until the bail conditions are met.
The case, which highlights growing concerns over cybersecurity threats in Nigeria’s banking sector, is adjourned to March 13, 2025, for trial.
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