FCMB Loses N3.9bn To Suspected Hackers

First City Monument Bank (FCMB), one of Nigeria’s leading Tier-2 banks, recently lost a whooping sum of N3.09 billion to some suspected hackers.

However, one of the suspected hackers, Andrew Odekina, has been arrested and arraigned by the Economic and Financial Crimes Commission (EFCC) in connection with this major cyber-enabled fraud that saw over N3 billion siphoned from the bank’s customers’ accounts.

Odekina, the suspect, has been arraigned before Justice Mojisola Dada of an Ikeja Special Offences Court, Lagos, on Monday.

According to the EFCC, Odekina was accused of retaining proceeds linked to a large-scale hacking operation targeting FCMB customers.

Investigators alleged that cybercriminals gained unauthorised access to the bank applications which enabled the diversion of N3.09 billion from multiple accounts.

Odekina was specifically charged with receiving and retaining N9.87 million, believed to be part of the stolen N3.09 billion, in his FCMB account in 2025.

The offence according to the EFCC contravenes provisions of the EFCC (Establishment) Act, 2004.

The charge states that the defendant, alongside accomplices, still at large, knowingly retained control of funds traced to fraudulent digital transactions carried out on the bank’s platform.

He pleaded not guilty to the charge.

Prosecution counsel, Babatunde Sonoiki, requested a trial date and urged the court to remand the defendant pending the conclusion of proceedings.

The defendant appeared in court without legal representation.

Justice Dada subsequently adjourned the case to May 11, 2026, for trial and ordered that Odekina be remanded in a correctional facility.