What appears to be a scene from a cybercrime film has been discovered by the Nigeria Police Special Fraud Unit (PSFU) in Ikoyi, Lagos. A total of N1,257,536,572.50 is allegedly stolen by five suspects—two women and three men—who allegedly hacked into Sterling Bank Plc’s banking platform and Bance application.
Victor Nwabueze Ogochukwu (50), Favour Odey (22), Adekunle Daniel (34), Akachukwu Alagbogu, and Oguntade Yetunde (28), the suspects, were allegedly collaborating with internal bank employees to carry out this audacious heist. The alleged crime, which occurred between November 3 and November 4, 2024, involved 88 unauthorized transactions as a result of security systems and sensitive data being compromised.
The fact that these hackers worked with insiders, according to investigations, raises questions about how safe financial networks are from internal and external dangers. Following their arraignment, the suspects entered a not guilty plea before the Federal High Court in Lagos.
They were each given N50 million bail by Justice Ambrose Lewis-Allagoa, who also required one surety who owned property under the court’s jurisdiction. They are still being held till their March 13, 2025, trial until they fulfill the requirements of bail.
Discussions concerning Nigerian banks’ need for improved digital security have been triggered by this case. Both consumers and financial organizations are being reminded to prioritize cybersecurity and protect sensitive data as banking continues to shift online.
Even though the specifics of how the suspects got around security safeguards are still being worked out, this incident shows that no system is completely secure, particularly when insiders are involved. Customers and banks alike must remain alert to prevent becoming victims of cybercrime.
