The Police Special Fraud Unit (PSFU), Ikoyi, Lagos has nabbed three men and two women for allegedly compromising Sterling Bank PLC’s banking platform and Bance Application and stealing N1, 257, 536, 572.50 billion.
According to a report by Nigerian Current, the suspects had been arraigned. They reportedly committed the alleged crime between November 3 and 4, 2024, in connivance with some of the bank’s officers. The police docked them on Friday, January 17, 2024, at the Federal High Court sitting in Lagos, presided over by Justice Ambrose Lewis-Allagoa.
They were arraigned on a three-count charge of conspiracy, hacking, unlawful possession, and conversion of funds. The five are Victor Nwabueze Ogochukwu “M” 50; Favour Odey “F” 22; Adekunle Daniel “M” 34; Akachukwu Alagbogu “M” and, Oguntade Yetunde “F” 28. Prosecution counsel, Justine Enang averred that the defendants committed the offences in a conspiracy with others now at large.
Enang said that the defendants connived with Sterling Bank’s internal staff members and external parties to possibly compromise the bank’s sensitive data and security system, using international mobile equipment identity 14984244, IP address 84252.113.3, and 88 transactions.
He told the court that the defendants’ alleged acts contravened sections 27(1)(b) and 14(1) of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015, as amended in 2024, read along with section 14(1) of the same Act.
According to the prosecutor, the offences were also contrary to and punishable under Section 18(2)(b) & (d) and Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022. Each of the five defendants pleaded not guilty to the allegations. Following their plea, their lawyers moved their bail applications, praying the court to admit their clients to bail “in the most liberal terms.”
However, Enang opposed the applications on the grounds, among others, that “the defendants are a flight risk.” Ruling on the bail applications, Justice Lewis-Allagoa noted that the offences were bailable. The judge admitted each defendant to bail in the sum of N50 million with one surety in the like sum.
The surety must be a landed property owner within the court’s jurisdiction. Justice Lewis-Allagoa remanded the defendants in the custody of the Nigerian Correctional Services (NCoS), pending the perfection of the bail conditions. He adjourned until March 13, 2025, for trial.
The charges read: “That you Victor Nwabueze Ogochukwy “m”, Favour Odey “f’, Adekunle Daniel “m”, Akachukwu Alagbogu and others now at large, sometimes on the 3rd & 4th November 2024, in Lagos State, within the jurisdiction of the Judicial Division of The Federal High Court, with intent to defraud, did conspire amongst yourselves to commit a felony to wit: internet fraud to the sum of N1, 257, 536, 572.50 (One Billion, Two Hundred and Fifty-Seven Million, Five Hundred and Thirty-Six Thousand, Five Hundred and Seventy-Two Naira, Fifty Kobo) by false pretence and thereby committed an offence contrary to section 27(1)(b) of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 as amended in 2024, Read along with section 14(1) of the same Act.
“That you Victor Nwabueze Ogochukwu “m”, Favour Odey “f’, Adekunle Daniel “m”, Akachukwu Alagbogu and others now at large, sometimes on the 3rd & 4th November 2024, in Lagos State, did knowingly and without authority cause financial loss to Sterling Bank Plc to the tune of N1, 257, 536, 572. 80 (One Billion, Two Hundred and Fifty-Seven Million, Five Hundred and Thirty-Six Thousand, Five Hundred and Seventy-Two Naira, Fifty Kobo) by suppressing one of the banking platform and Bance Application from their various customers’ account to different fraudulent accounts with the collusion of an internal staff/external parties for possible compromise on sensitive data and security system of the bank by using international mobile equipment identity 14984244, IP address 84252.113.3 & 88 transaction, thereby conferred economic benefits on yourselves by converting the money in question to your own use against the Sterling Bank Plc and thereby committed an offence contrary to and punishable under Section 14(1) of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 as Amended in 2024.
“That you Victor Nwabueze Ogochukwu ‘m’, Favour Odey ‘f, Adekunle Daniel ‘m’, Akachukwu Alagbogu and others now at large, sometimes on the 3rd & 4th November 2024, in Lagos State, did directly or indirectly convert or transfer, retain or take possession or control of funds belonging to Sterling Bank Plc, knowingly or reasonably ought to have known that such funds is, or forms part of the proceeds of an unlawful Act and thereby committed an offence contrary to Section 18(2)(b) & (d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
