Femi Ashekun/
Moniepoint Microfinance Bank has fallen victim to an alleged hacking scheme that resulted in the loss of over ₦1.1 billion.
The prime suspect, Sunday Ozimede, 43, has been arraigned by the Police Special Fraud Unit (PSFU) before the Federal High Court in Lagos.
According to the prosecution, Ozimede conspired with accomplices, currently at large, to infiltrate Moniepoint’s data systems in May 2024. The charges include diverting ₦945.7 million from customer deposits through fraudulent transactions and causing an additional ₦145 million loss by embedding a bug in the bank’s system.
The prosecutor, Barrister Justine Enang, stated that the stolen funds were transferred to various accounts, including one linked directly to Ozimede.
The defendant faces multiple charges under the Cyber Crimes (Prohibition, Prevention, etc.) Act, 2015 (as amended in 2024) and the Money Laundering (Prevention and Prohibition) Act, 2022.
Ozimede, however, pleaded not guilty to all charges.
The prosecutor described the defendant as a flight risk, urging the court to deny bail. “These offences constitute economic sabotage, and there is a high likelihood that the defendant might abscond,” Enang argued.
Defending Ozimede, his lawyer, Abdulmalik Ibrahim, appealed for bail on liberal terms, citing his client’s willingness to stand trial.
Presiding Justice Ambrose Lewis-Allagoa granted Ozimede bail in the sum of ₦50 million, with a surety who must own property within the court’s jurisdiction. The court also ordered the surrender of Ozimede’s travel documents and adjourned the trial to March 13, 2025.
The charges allege that Ozimede fraudulently obtained ₦945.7 million through false pretenses and exploited his cyber expertise to manipulate Moniepoint’s operational accounts. Additionally, the planted bug enabled unauthorized fund transfers, leaving the bank grappling with a ₦145 million operational shortfall.
The alleged cybercrime raises fresh concerns about the vulnerability of digital banking platforms and the evolving sophistication of financial fraud in Nigeria.
Moniepoint Microfinance Bank has yet to issue an official statement on the incident.
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