In a significant bust, the Lagos Police Special Fraud Unit has apprehended 43-year-old Sunday Ozimede, accused of perpetrating a massive cyber fraud against MoniePoint Micro Finance Bank. Ozimede allegedly infiltrated the bank’s systems, siphoning off N1.1 billion from customer accounts through sophisticated hacking techniques.
Legal Proceedings Initiated
According to court documents from the Lagos High Court, Ozimede faces charges under the Cyber Crimes Act of 2015, as amended in 2024, and the Money Laundering Act of 2022. He is accused of conspiracy, hacking, and obtaining money by false pretense. The prosecution, led by Chief Prosecutor Jane Eze, detailed that Ozimede managed to execute the theft by introducing a malicious code into the bank’s data servers, resulting in a direct financial loss of N145 million to MoniePoint Micro Finance Bank.
Court Hearing Details
During the court session, it was revealed that the fraud was detected in May 2024, leading to a swift response from the police. Ozimede was detained following an intensive interrogation where he was found to have diverted funds to various accounts outside MoniePoint.
In court, Ozimede entered a plea of not guilty. The prosecution requested his remand in a correctional facility until the trial’s conclusion, citing him as a flight risk. However, Ozimede’s defense, represented by Barrister Tunde Adebisi, argued for his client’s release on bail under liberal conditions.
Bail and Next Hearing
Justice Chinedu Okonkwo, presiding over the case, granted bail to Ozimede set at N75 million with two sureties in like sum who must possess property within the court’s jurisdiction. The court also mandated that the sureties’ credentials be verified by both the court’s registrar and the prosecuting team.
The case has been scheduled for further hearing on April 10, 2025, with Ozimede to remain in custody until he meets his bail conditions.
Impact and Security Concerns
This incident has raised significant concerns about cybersecurity in Nigerian financial institutions. Cybersecurity expert Dr. Lara Okeke commented, “This case underscores the need for robust cybersecurity measures, especially for banks handling massive transactions daily. It’s a wake-up call for all stakeholders in the financial sector to enhance their security protocols.”
MoniePoint Bank has not issued a statement but is expected to review its security systems in light of this breach. The public’s trust in digital banking platforms hangs in balance, urging a push towards more secure banking practices.
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