28 C
Monday, January 18, 2021
- Advertisement -

EFCC Arraigns Hackers Over FCMB N900m Heist


2020: A Year Like no Other By Dakuku Peterside

The year 2020 was supposed to be a great year. It was another Leap Year – the famed Olympic Games year when...

The Time to Restructure is Now – Bola Tinubu

Being with you at this special event today, I am visited by two competing emotions. I continue to feel a profound sense...

Africa and the COVID-19 Vaccine – By Dakuku Peterside

The year 2020 will forever be synonymous with Covid-19, a pandemic that brought the world to her knees. For the first time...

Buhari is Repressing Human Rights and Getting Away With It – By Kolawole Olaniyan

President Muhammadu Buhari is failing to live up to his promises to ensure respect for human rights, obey the rule of law,...

The Economic and Financial Crimes Commission (EFCC) has arraigned seven men in connection with an alleged theft of nine hundred million naira from First City Monument Bank PLC (FCMB) through an online intrusion attack, according to transcripts from an Ikeja Special Offenses Court, Lagos.

The men allegedly surreptitiously installed spying software on the bank’s computer giving them access to breach the bank’s security systems. They were then allegedly able to transfer large sums to third-party accounts.

The EFCC has arraigned seven suspects in respect with the alleged theft. They are: Gideon Oluwatimileyin, Abiodun Aina, Samuel Adenitiri, Oluwasegu Daliu, Olaitan Ajibola Sheu, Moyosore Suleiman and Adeyinka Akinjin.

According to Benedict Chima Benneth, EFCC’s lawyer, the defendants allegedly committed the offence on March 10, 2018 in Lagos.

They were arraigned by the anti-graft agency on a two-count charge of conspiracy to defraud and unauthorized access to FCMB’s computer materials and software.

All the accused persons alongside Osita Martins, Daramola Samuel Akanji and others still at large sought, did steal by unauthorized transfers and withdrawals from various FCMB points nationwide of the sum of N900 million, property of the owners of and various customers of FCMB from their account to various accounts outside the bank via POS and ATM.

“The defendants did effect unauthorized modifications, alterations, and adjustment of the bank computer data program by increasing the transaction withdrawal limits and transaction counts of the victim, customers’ accounts as programmed by the bank, that enabled you make withdrawals and transfers from various FCMB points nationwide. The accused persons, however, pleaded not guilty to the count charges.

Justice Oluwatoyin Taiwo, granted bail to the first, second and third accused persons following a bail application from their lawyers.

They were granted a-N20 million bail bond with two sureties in like sum.

However, the bank in an emailed statement to Lagos Times newspaper, FCMB spokesperson Rafiu Mohammed said that the media reports were untrue and misleading and that “there was no hack into FCMB’s systems”.

While Mr Mohammed admitted that there was a password security breach in 2018 that led to theft of large sums from the bank, he said that it was “duly addressed, with recoveries made and those involved reported to appropriate authorities for prosecution.”

Mr Mohammed declined to say if all the stolen funds were recovered by the bank.

- Advertisement -
- Advertisement -

Business Profiles

Ngozi Edozien

Ngozi Edozien is the founder and Managing Director of Invivo Partners Limited. She has over 20 years’ experience in finance/private equity, general...

Sanyade Okoli

Sanyade Okoli is Chief Executive Officer at Alpha African Advisory. She has over 21 years of financial advisory, private equity, corporate, commercial...

Samuel Nwanze

Samuel Nwanze is a director of Transcorp Power. He holds an MSc. degree in Finance and Management from Cranfield University in the...

Olukemi Adeniji

Ms Adeniji has a law degree and a Masters in International Law and Diplomacy (M.I.L.D) from the University of Lagos. She has...

Chikezie Nwosu

Chikezie Nwosu is an experienced senior executive with over 29 years local and international experience in the oil & gas industry vis-a-viz...