Massive Cyber Heist Uncovered: 43-Year-Old Suspect Arraigned for Allegedly Hacking Moniepoint Vault and Stealing Over ₦1.1 Billion in Coordinated Fraud Operation
In a high-profile cybercrime case, a 43-year-old man, Sunday Ozimede, has been arraigned before the Federal High Court in Lagos for allegedly hacking into the vault of Moniepoint Microfinance Bank and stealing a staggering sum of ₦1,190,728,076.
The Police Special Fraud Unit (PSFU) charged Ozimede with conspiracy, hacking, and obtaining money under false pretences. According to the PSFU’s Prosecution Counsel, Justine Enang, the accused infiltrated the bank’s data system sometime in May 2024, planting a bug that enabled him to access sensitive financial information.
Enang explained that Ozimede and his accomplices—who are still at large—conspired to steal ₦945,728,076 from Moniepoint. He also caused an additional financial loss of ₦145 million by tampering with the bank’s data system.
The court heard that the hacking operation was well-coordinated and involved sophisticated cyber tools, raising concerns about the vulnerability of Nigeria’s financial institutions to advanced cyber threats.
Court Proceedings
According to the prosecutor, the offences committed contravened Sections 27 (i)(b),14 of the Cyber Crimes (Prohibition, Prevention etc) Act, 2015 as Amended in 2024, 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.
During the arraignment, Ozimede pleaded not guilty to the three charges brought against him. The defense team requested bail, but the prosecution strongly opposed it, citing the severity of the crime and the likelihood of the defendant fleeing justice.
Presiding Judge, Justice Adetokunbo Banjo, adjourned the case to March 13 2025 for a bail hearing and ordered that Ozimede be remanded in custody pending further proceedings.
Moniepoint Reacts
In a brief statement, Moniepoint Microfinance Bank reassured customers that the incident did not compromise their funds, as all losses are insured. The bank emphasized its commitment to enhancing cybersecurity measures and working closely with authorities to ensure justice is served.
Further hearings are scheduled to determine the extent of Ozimede’s involvement and whether additional suspects will be apprehended.
Stay updated as this story develops.
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