Alleged Internet Fraudsters Arraigned for Hacking Sterling Bank

Five individuals have been arraigned before Justice Ambrose Lewis-Allagoa of a Federal High Court in Lagos for allegedly hacking into Sterling Bank Plc’s banking platform and Bance Application, resulting in the theft of ₦1,257,536,572.50 (over 1.2 billion Naira).

Defendants

The accused are:

· Victor Nwabueze Ogochukwu (50)

· Favour Odey (22)

· Adekunle Daniel (34)

· Akachukwu Alagbogu

· Oguntade Yetunde (28)

Arrest and Charges

The suspects were brought to court by the Police Special Fraud Unit (PSFU), Ikoyi, Lagos. The prosecutor, Barrister Justine Enang, stated that the defendants conspired to commit the alleged fraud between November 3 and 4, 2024.

Methods of Fraud

· Collaboration: The defendants allegedly collaborated with both internal staff of Sterling Bank and external parties to compromise sensitive data and security systems.

· Technical Details: The fraud involved the use of:

· International mobile equipment identity: 14984244

· IP address: 84.252.113.3

· Transaction details: 88

Charges

The defendants face multiple charges under various laws, including:

Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 (as amended in 2024):

· Conspiracy to commit internet fraud

· Causing financial loss to Sterling Bank

Money Laundering (Prevention and Prohibition) Act, 2022:

· Conversion or transfer of funds belonging to Sterling Bank, knowing they were proceeds of unlawful acts.

Specific Allegations

· Conspiracy: The defendants allegedly conspired to commit internet fraud amounting to ₦1,257,536,572.50.

· Financial Loss: They caused financial loss to Sterling Bank by transferring funds from customer accounts to fraudulent accounts.

· Unlawful Possession: The defendants are accused of converting or taking possession of bank funds without authority.

Court Proceedings

· Plea: All defendants pleaded not guilty to the charges.

· Bail Application: Their lawyers requested bail, but the prosecutor opposed, citing flight risks.

· Bail Granted: Justice Lewis-Allagoa granted bail at ₦50 million each, requiring one surety with landed property within the court's jurisdiction.

Next Steps

The case has been adjourned to March 13 for trial, with the defendants remanded in the custody of the Nigerian Correctional Services (NCoS) pending bail conditions.