Moniepoint Bank System Gets Hacked- How N1.1 Billion Was Stolen in Cybersecurity Breach

The Nigerian Police Special Fraud Unit(PSFU), has arraigned an alleged hacker Sunday Ozimede, for hacking the vault of Moniepoint bank system.

The alleged hacker stole the sum of N1,190, 728, 076 billion from the bank vault, and was arraigned by the police special unit before the Federal High Court in Lagos State.

The alleged 43 years old hacker was charged on three counts bordering on conspiracy, obtaining by false pretense the sum of N945, 728, 076 million.

The alleged hacker was also accused of causing financial loss to Moniepoint Microfinance Bank to the tune of N145 million, by planting a bug in the bank’s data system.

Justice Enang, the PSFU's Prosecution Counsel, told the caourt that the alleged hacker planted a bug in the bank's data system, which led to the loss of N145 million.

The prosecutor told the court the defendant Sunday Ozimede, fraudulently diverted the mentioned sum from various Moniepont Microfinance Bank’s customers deposited funds through numerous transactions to other banks. The prosecutor also told the court that Ozimede and others said to be in large numbers, committed the alleged offences sometimes in May, 2024.

He further told the court the offences committed by the defendant is contrary to the law as cited in Section 27 (i)(b); 14 of the Cyber Crimes (Prohibition, Prevention etc) Act, and Section 14 (1) of the same Act, and 18(2) (b) & (d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

The suspect has denied the allegations and pleaded not guilty to the charges.