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Staff hack Sterling Bank system, steal depositors’ N1.2bn funds

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Sterling Bank Limited and its holding company, Sterling Financial Holdings Company, are currently battling a N1.257, 536, 572. 80 billion depositors’ funds which were stolen from the bank by some of its staff.

The staff allegedly colluded with some fraudsters to hack the bank’s banking platform and stole the said fund.

The suspects, namely Victor Nwabueze (50), Favour Odey (22), Adekunle Daniel (34), Akachukwu Alagbogu, and Yetunde Oguntade (28)—were arraigned by the Police Special Fraud Unit (PSFU), Ikoyi, Lagos, before Justice Ambrose Lewis-Allagoa at the Federal High Court in Lagos on Thursday.

The group faced a three-count charge of conspiracy, hacking, and money laundering under the Cybercrimes Act and Money Laundering Prohibition Act.

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The prosecutor, Barrister Justine Enang, alleges that the suspects, in collaboration with internal staff of Sterling Bank, breached sensitive systems between November 3 and 4, 2024, using compromised data, including IP addresses and mobile equipment identities – 14984244, IP address 84252.113.3 & 88 transaction., to transfer funds to fraudulent accounts.

He informed the court that the alleged acts of the defendants contravened sections 27(1)(b); 14(1) of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 as amended in 2024, Read along with section 14(1) of the same Act.

Enang also told the court that the defendants’ act was contrary to and punishable under Section 18(2)(b) & (d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

The Charges Against The Defendants Read: “That you Victor Nwabueze Ogochukwy “m”, Favour Odey “f’, Adekunle Daniel “m”, Akachukwu Alagbogu and others now at large, sometimes on the 3rd & 4th November 2024, in Lagos State, within the jurisdiction of the Judicial Division of The Federal High Court, with intent to defraud, did conspire amongst yourselves to commit a felony to wit: internet fraud to the sum of N1, 257, 536, 572.50 (One Billion, Two Hundred and Fifty Seven Million, Five Hundred and Thirty Six Thousand, Five Hundred and Seventy Two Naira, Fifty Kobo) by false pretence and thereby committed an offence contrary to section 27(1)(b) of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 as amended in 2024, Read along with section 14(1) of the same Act.

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“That you Victor Nwabueze Ogochukwu “m”, Favour Odey “f’, Adekunle Daniel “m”, Akachukwu Alagbogu and others now at large, sometimes on the 3rd & 4th November 2024, in Lagos State, within the aforementioned Judicial Division of The Federal High Court, did knowingly and without authority cause financial lost to Sterling Bank Plc to the tune of N1, 257, 536, 572. 80 (One Billion, Two Hundred and Fifty Seven Million, Five Hundred and Thirty Six Thousand, Five Hundred and Seventy Two Naira, Fifty Kobo) by suppressing one of the banking platform and Bance Application from their various customers’ account to different fraudulent accounts with the collusion of an internal staff/external parties for possible compromise on sensitive data and security system of the bank by using international mobile equipment identity 14984244, IP address 84252.113.3 & 88 transaction, thereby conferred economic benefits on yourselves by converting the money in question to your own use against the Sterling Bank Plc and thereby committed an offence contrary to and punishable under Section 14(1) of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 as Amended in 2024.

“That you Victor Nwabueze Ogochukwu ‘m’, Favour Odey ‘f, Adekunle Daniel ‘m’, Akachukwu Alagbogu and others now at large, sometimes on the 3rd & 4th November 2024, in Lagos State, in the aforementioned Judicial Division of Federal High Court, Lagos, did directly or indirectly converts or transfers, retains or takes possession or control of funds belonging to Sterling Bank Plc, knowingly or reasonably ought to have known that such funds is, or forms part of the proceeds of an unlawful Act and thereby committed an offence contrary to Section 18(2)(b) & (d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

While they pleaded not guilty, the prosecution opposed bail, citing the defendants’ potential flight risk.

Justice Lewis-Allagoa eventually granted bail at N50 million each, with one surety who must own landed property within the court’s jurisdiction.

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Pending bail fulfillment, the accused were remanded in custody.

The case is adjourned to March 13, 2025, for trial.

Authorities continue to investigate other suspects believed to be at large.

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Use Osun poll as model to show how prepared you’re for 2027 general elections, TInubu tasks INEC

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President Bola Tinubu has ordey INEC and security agencies to use Osun as a model to show how prepared it is for 2027 general elections.

The president also urged the electoral umpire to ensure a peaceful, transparent and credible governorship election in Osun State on Saturday, August 15, 2026.

Fifteen candidates are participating, with incumbent Governor Ademola Adeleke of the Accord Party, APC candidate Asiwaju Munirudeen Bola Oyebamiji and ADC candidate Hon. Najeem Salaam among the major contenders.

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As the people of Osun State head to the polling units to elect who will govern them in the next four years, I call on the Independent National Electoral Commission to ensure orderly conduct of the election.

The election must be transparent, free and fair. I urge INEC to ensure the integrity of the process,” the President said.

Describing the poll as the last off-cycle governorship election before the 2027 general elections, Tinubu urged INEC to demonstrate its preparedness.
“INEC must use this last off-cycle election as a test case to demonstrate to Nigerians their full preparedness for the 2027 polls,” Tinubu added.

He directed security chiefs to protect voters and electoral officials, warning against disruptions.
“I have charged the Inspector-General of Police and other heads of security outfits taking part in the election to provide maximum security at polling units. No room should be allowed for troublemakers to disrupt the process,” he said.

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Electoral officials and voters must be protected so they can perform their civic duties without fear or intimidation,” he added.

Tinubu urged voters to turn out and vote, assuring them of adequate security.
“Voters should feel confident to go out in their numbers to vote for the candidate of their choice as all measures necessary to ensure a peaceful, free and fair election have been put in place,” the President said.

“Our elections must be credible, and the outcome of the Osun Governorship election must reflect the will of the people,” Tinubu stated.

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Osun 2026: Davido Raises Alarm Over Ebonyi REC’s Presence, Alleges Plot to Rig Election

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Popular Nigerian singer, David Adeleke, better known as Davido, has raised concerns over the transparency of Saturday’s Osun State governorship election, alleging that some political actors and election officials may be working to compromise the process.
Davido, in a post on social media, specifically questioned the presence of the Resident Electoral Commissioner (REC) for Ebonyi State, Mrs Onyeka Pauline Ugochi, in Osun, alleging that she was not officially deployed by the Independent National Electoral Commission (INEC) to supervise the election.

The singer further alleged that the REC’s presence in the state was connected to political manoeuvring involving Imo State Governor, Hope Uzodimma, whom he accused of attempting to influence the outcome of the election.
“Mrs Pauline Ugonyeka, REC Ebonyi State. She was not deployed by @inecnigeria. What is she doing in Osun? She was sent here from Gov Hope Uzodinma to rig! We will resist you, Madame!!” Davido wrote.

However, the allegations have not been independently verified, and it was not immediately clear why the Ebonyi REC was in Osun or whether she had been assigned any official role by INEC.
Davido, who is a nephew of the incumbent Osun State Governor, Ademola Adeleke, has been actively involved in political activities and campaigns in the state ahead of Saturday’s election.

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The allegations come amid heightened tension and heightened security preparations in Osun, with political parties and their supporters expressing concerns over the credibility and peaceful conduct of the poll.

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Osun govt owes the dead justice, Adeleke discloses plans over killings

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Osun State Governor, Ademola Adeleke, has announced plans to constitute an independent commission of inquiry immediately after the August 15 governorship election to investigate reported cases of extrajudicial killings and other acts of violence recorded during the election period.

Adeleke disclosed this while addressing journalists in Osogbo on Friday, although his speech was read by the state Commissioner for Information, Kolapo Alimi.

The governor expressed condolences to families who lost loved ones in election-related violence, assuring them that the commission would investigate the circumstances surrounding the incidents and recommend appropriate action.

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Adeleke said every life lost during the election period was an Osun life and stressed that political differences should never result in the loss of lives.

He said the commission would be constituted on Monday, immediately after the election, to investigate all reported killings and acts of violence connected with the election period.

According to him, the commission would establish the circumstances surrounding the incidents and recommend appropriate actions to ensure that those responsible were brought to justice, irrespective of their political affiliation, position or influence.

The governor also assured residents that his administration would establish a framework to support and compensate families of those who lost their lives.

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He said the memories of the victims would be appropriately honoured, stressing that the election would come and go but the people of Osun would remain united.

Adeleke said the government owed the victims justice, their families compassion and the people of Osun a peaceful future.

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