The Police Special Fraud Unit (PSFU), Ikoyi, Lagos, has apprehended three men and two women for allegedly compromising Sterling Bank PLC’s banking platform and Bance Application, leading to the theft of ₦1,257,536,572.50 billion.
According to a report by Nigerian Current, the suspects have been formally arraigned.
The suspects reportedly committed the alleged crime between November 3 and 4, 2024, in connivance with some of the bank’s officers. These individuals were charged before the Federal High Court in Lagos on January 17, 2025, with Justice Ambrose Lewis-Allagoa presiding.
The five accused are:
Victor Nwabueze Ogochukwu (50)
Favour Odey (22)
Adekunle Daniel (34)
Akachukwu Alagbogu
Oguntade Yetunde (28)
They were arraigned on a three-count charge of conspiracy, hacking, unlawful possession, and conversion of funds. The prosecution counsel, Justine Enang, stated that the defendants conspired with others who are currently at large.
Enang explained that the defendants collaborated with internal staff members of Sterling Bank and external parties to compromise the bank’s sensitive data and security system. They did so by utilizing international mobile equipment identity 14984244, IP address 84252.113.3, and executing 88 fraudulent transactions.
Enang further stated that the accused acts contravened sections 27(1)(b) and 14(1) of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015, as amended in 2024, and Section 14(1) of the same Act. The crimes also violated 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 charges.
Following their plea, the defense lawyers moved for bail, urging the court to grant their clients bail under the most liberal terms. However, Enang opposed the bail applications, citing concerns that the defendants posed a flight risk.
Justice Lewis-Allagoa ruled that the offences were bailable and granted each defendant bail in the sum of ₦50 million, with one surety in like sum. The surety must be a landed property owner within the court’s jurisdiction.
The judge remanded the defendants in the custody of the Nigerian Correctional Services (NCoS) pending the perfection of their bail conditions.
The court adjourned the case to March 13, 2025, for trial.
The charges against the defendants are as follows:
Charge 1:
That you, Victor Nwabueze Ogochukwu, Favour Odey, Adekunle Daniel, Akachukwu Alagbogu, and others now at large, on or about November 3rd and 4th, 2024, in Lagos State, within the jurisdiction of the Federal High Court, did conspire amongst yourselves to commit internet fraud in the sum of ₦1,257,536,572.50 (One Billion, Two Hundred and Fifty-Seven Million, Five Hundred and Thirty-Six Thousand, Five Hundred and Seventy-Two Naira, Fifty Kobo) by false pretenses and thereby committed an offense contrary to Section 27(1)(b) of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015, as amended in 2024, read together with Section 14(1) of the same Act.
Charge 2:
That you, Victor Nwabueze Ogochukwu, Favour Odey, Adekunle Daniel, Akachukwu Alagbogu, and others now at large, knowingly and without authority caused financial loss to Sterling Bank Plc to the tune of ₦1,257,536,572.50 (One Billion, Two Hundred and Fifty-Seven Million, Five Hundred and Thirty-Six Thousand, Five Hundred and Seventy-Two Naira, Fifty Kobo) by suppressing the bank’s platform and the Bance Application from their customers’ accounts to different fraudulent accounts with the collusion of internal staff/external parties for the possible compromise of sensitive data and security systems of the bank by using international mobile equipment identity 14984244, IP address 84252.113.3, and 88 fraudulent transactions. This thereby conferred economic benefits on yourselves by converting the stolen money to your own use and thereby committed an offense contrary to and punishable under Section 14(1) of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015, as amended in 2024.
Charge 3:
That you, Victor Nwabueze Ogochukwu, Favour Odey, Adekunle Daniel, Akachukwu Alagbogu, and others now at large, sometime on November 3rd and 4th, 2024, did directly or indirectly convert, retain, take possession of, or control funds belonging to Sterling Bank Plc, knowing or reasonably ought to have known that such funds form part of the proceeds of an unlawful act and thereby committed an offense contrary to Section 18(2)(b) & (d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
This case highlights the serious risks associated with the security of financial systems and the involvement of insiders in fraudulent activities.
The authorities have promised to continue to investigate the case and ensure that justice is served.
The prosecution remains committed to tackling cybercrime and financial fraud, especially as technology becomes an increasingly critical part of modern banking systems.
WARNING: If You Are Not 18+, Don’t Click The Link Below 👇🫣
https://disloyalmoviesfavor.com/kx6iepv2qm?key=6c14bd1d68e1eba721851f19778f5efe
https://zireemilsoude.net/4/5193489
Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it.
Drop your comment in the section below, and don’t forget to share the post.
Never Miss A Single News Or Gists, Kindly Join Us On WhatsApp Channel:
https://whatsapp.com/channel/0029Vad8g81Eawdsio6INn3B
Telegram Channel:
https://t.me/gistsmateNG
