How Man, 43, Hacked Into MoniePoint Microfinance Bank System & Carted Away Customers N1.1b Within Minutes

MICHAEL AKINOLA 

Police Special Fraud Unit in Lagos has arrested a 43-year old man, Sunday Ozimede, for allegedly hacking into MoniePoint Micro Finance Bank system and carting away depositors N1.1b while  planted a bug in the bank’s data system.

P.M.EXPRESS reports that Sunday Ozimede has been arraigned before the Federal High Court on three counts bordering on conspiracy, hacking and obtaining by false pretence preferred  against him by the Police Special Fraud Unit.

According to the Police, Mr. Sunday allegedly hacked the bank’s vault and stole the sum of N1,190, 728, 076 bn, from the bank and caused financial loss to Moniepoint Microfinance Bank to the tune of N145m, by planting a bug in the bank’s data system.

The alleged fraud was reported to the Police Fraud Unit and the operatives moved into action and eventually arrested Mr. Sunday Ozimede. They detained him for interrogation and he was found culpable after rounds of interrogation before being charged to  Court.

The Prosecution Counsel, Justine Enang,  informed the Court that the defendant and others now at large, had sometime in May, 2024, allegedly conspired and hacked the Microfinance Bank and obtained the sum of N945, 728,076m, by false pretence and as well caused financial loss to the tune of N145m, by planting a bug in the bank’s data system before he was apprehended by the Police.

The prosecutor also told the Court that Ozimede fraudulently diverted the above-mentioned money from various Moniepont Microfinance Bank’s customers’ deposited funds through numerous transactions to other Banks.

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.

However, the defendant, Mr. Sunday, pleaded not guilty.

The prosecutor urged the Court to remand him in a correctional centre pending the conclusion of the trial and asked the Court for a trial date.

But the defendant’s Counsel, Abdulmalik Ibrahim, in a motion for bail, pleaded with the Court to admit his client to bail in the most liberal terms which was opposed by the prosecutor and alleged the defendant of being a ‘flight risk’, saying that he might not turn up for his trial if granted bail.

The presiding judge, Justice Ambrose Lewis-Allagoa, after listening to the parties’ submissions, admitted the defendant to bail in the sum of N50m, with one surety in like sum.

The Court also ordered that the surety must be a landed property owner within the jurisdiction of the Court and the bail terms must be verified by the Court ’s registrar and the prosecutor.

The matter was adjourned till 13th March, 2025, for trial while the defendant was remanded in custody at the correctional center pending when he will perfect his bail conditions.