By 
Moniepoint Microfinance Bank has suffered a significant cybersecurity breach, with over N1.1 billion reportedly stolen through a sophisticated dark web operation orchestrated by one Sunday Ozimede. The Nigerian Police Special Fraud Unit (PSFU) has arraigned the suspect before the Federal High Court in Lagos on charges of conspiracy and obtaining N945,728,076 under false pretenses.
Details of the Cyberattack
The 43-year-old suspect allegedly infiltrated Moniepoint’s systems, causing an additional financial loss of N145 million by introducing a malicious bug into the bank’s data infrastructure. According to the PSFU prosecutor, Justine Enang, the cybercrime occurred in May 2024, involving Ozimede and accomplices who remain at large. The funds were diverted from Moniepoint customers’ deposits through multiple unauthorized transactions to various bank accounts.
Legal Proceedings
Prosecutor Enang stated that Ozimede’s actions violate sections of the Cyber Crimes (Prohibition, Prevention, etc.) Act, 2015 (as amended in 2024) and the Money Laundering (Prevention and Prohibition) Act, 2022. These statutes criminalize unauthorized access to computer systems, financial fraud, and money laundering activities.
During his arraignment, Ozimede pleaded not guilty to the charges. The prosecution urged the court to deny bail, citing the defendant as a potential flight risk. Defense counsel, Abdulmalik Ibrahim, however, sought bail for his client, emphasizing the need for leniency.
Court’s Decision
Justice Ambrose Lewis-Allagoa granted bail to the defendant, setting the amount at N50 million with one surety of equal value. The surety must own landed property within the court’s jurisdiction, and the court’s registrar and prosecutor must verify the bail conditions.
This high-profile case underscores the growing threat of cybercrime within Nigeria’s financial sector, raising concerns about the need for enhanced cybersecurity measures and regulatory compliance to safeguard customer funds and organizational data systems.
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