Sterling Bank Plc has reportedly lost N1.257 billion to a cyber fraud incident involving five individuals, who were arraigned on Friday before Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos.
The defendants—Victor Nwabueze Ogochukwu (50), Favour Odey (22), Adekunle Daniel (34), Akachukwu Alagbogu (28), and Oguntade Yetunde—were charged by the Police Special Fraud Unit (PSFU), Ikoyi, Lagos, for allegedly hacking into Sterling Bank’s banking platform and Bance Application.
Allegations and Method of Fraud
The prosecutor, Barrister Justine Enang, revealed that the alleged fraud occurred between November 3 and 4, 2024.
The suspects, working with unnamed accomplices, conspired with internal Sterling Bank staff and external parties to compromise the bank’s sensitive data and security system.
They allegedly used tools such as international mobile equipment identity (IMEI) 14984244 and IP address 84252.113.3 for their operations.
The prosecutor stated that their actions violated sections 27(1)(b) and 14(1) of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 (as amended in 2024), and sections 18(2)(b) & (d) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Court Proceedings
The accused pleaded not guilty to three charges, including conspiracy, hacking, and unlawful possession of funds.
Their lawyers applied for bail, urging the court to grant the defendants favorable terms. However, the prosecutor opposed the bail applications, labeling the defendants as flight risks.
Justice Ambrose Lewis-Allagoa granted bail to each defendant at N50 million with one surety who must own landed property within the court’s jurisdiction.
The judge adjourned the case to March 13, 2025, for trial and ordered the defendants’ remand in Nigerian Correctional Services custody until they meet the bail conditions.
Charges Against the Defendants
The court heard the following charges:
Count 1:
“That you, Victor Nwabueze Ogochukwu ‘m’, Favour Odey ‘f’, Adekunle Daniel ‘m’, Akachukwu Alagbogu, and others now at large, on November 3 and 4, 2024, in Lagos State, conspired to commit internet fraud amounting to 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), an offense contrary to Section 27(1)(b) of the Cyber Crimes Act, 2015, as amended in 2024.”
Count 2:
“That you knowingly caused financial losses to Sterling Bank Plc by suppressing its banking platform and Bance Application, transferring funds from customers’ accounts to fraudulent accounts, in collaboration with internal and external parties. This act violates Section 14(1) of the Cyber Crimes Act, 2015, as amended in 2024.”
Count 3:
“That you directly or indirectly converted or transferred funds belonging to Sterling Bank Plc, knowing they were proceeds of unlawful activity, thereby committing an offense contrary to Section 18(2)(b) & (d) and punishable under Section 18(3) of the Money Laundering Act, 2022.”
