A 43-year-old man, Sunday Ozimede, was arraigned before the Federal High Court in Lagos by the Police Special Fraud Unit (PSFU) for allegedly hacking into the vault of Moniepoint Microfinance Bank and stealing ₦1,190,728,076.
The prosecution, led by Justine Enang, charged Mr. Ozimede with conspiracy, hacking, and obtaining money by false pretence. It was alleged that in May 2024, he planted a bug in the bank’s data system, facilitating the unauthorized transfer of ₦945,728,076. Additionally, he reportedly caused a financial loss of ₦145 million to the bank by diverting customers’ deposited funds through numerous transactions to other banks.
Mr. Ozimede pleaded not guilty to all charges. His defense counsel, Abdulmalik Ibrahim, requested bail, which the prosecution opposed, citing the defendant as a flight risk. Justice Ambrose Lewis-Allagoa granted bail in the sum of ₦50 million with one surety of the same amount. The surety must own landed property within the court’s jurisdiction, and the conditions are to be verified by the court registrar and the prosecution. The trial is scheduled to commence on March 13, 2025.
This incident highlights the increasing threat of cyber fraud in Nigeria’s banking sector. In response to rising fraud cases, Moniepoint’s Managing Director, Babatunde Olofin, has advised Nigerians to avoid sharing their account numbers publicly, especially during festive seasons, to prevent falling victim to cyber fraud.
The PSFU continues to investigate the case, seeking to apprehend other individuals allegedly involved in the cyber-attack on Moniepoint Microfinance Bank.
