In a significant development highlighting the rising threat of cybercrime in Nigeria’s financial sector, the Police Special Fraud Unit (PSFU) has arraigned 43-year-old Sunday Ozimede before the Federal High Court in Lagos. Ozimede faces charges of conspiracy, obtaining ₦945,728,076 under false pretenses, and causing a financial loss of ₦145 million to Moniepoint Microfinance Bank through a sophisticated cyber-attack.
Prosecutor Justine Enang detailed that in May 2024, Ozimede, in collaboration with accomplices still at large, allegedly infiltrated Moniepoint’s data system by planting a malicious bug. This breach enabled the unauthorized transfer of substantial funds from customers’ deposits into various accounts across different banks. The total amount involved in the fraudulent transactions is reported to be ₦1,190,728,076.
During the court session, Ozimede pleaded not guilty to all charges. The prosecution labeled him a flight risk and advocated for his remand pending trial. However, the defense counsel, Abdulmalik Ibrahim, appealed for bail on lenient terms. Presiding Judge Ambrose Lewis-Allagoa granted bail set at ₦50 million, accompanied by stringent conditions: the provision of a surety possessing landed property within the court’s jurisdiction, with all bail terms subject to verification by the court registrar and the prosecution. The trial is scheduled to commence on March 13, 2025.
In response to the increasing prevalence of cyber fraud, Moniepoint Microfinance Bank’s Managing Director, Mr. Babatunde Olofin, has issued advisories to the public. He cautioned against the public sharing of bank account details, especially during festive periods, to prevent exploitation by fraudsters. Olofin emphasized that such practices could inadvertently involve individuals in criminal activities, including money laundering, leading to severe legal repercussions.
Olofin further highlighted that fraudsters often use enticing offers, such as giveaways, to harvest personal information. He stated, “People don’t love you as much to be giving you giveaways. So, you should know that they are harvesting your details. Your bank account is a private detail.” To combat these threats, Moniepoint has strengthened its cybersecurity infrastructure and collaborates closely with organizations like the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC) to enhance fraud detection and prevention mechanisms.
This incident underscores the escalating challenges posed by cyber threats to Nigeria’s banking industry. Recent reports indicate a significant surge in fraud cases, with the Financial Institutions Training Centre (FITC) noting a 65% increase in such incidents. The total amount involved in fraud attempts reached ₦115.9 billion in the third quarter of 2024, highlighting the urgent need for robust cybersecurity measures and public awareness to safeguard financial assets.
For more information on protecting yourself from cyber fraud, please visit Moniepoint’s official website or contact their customer service department.
