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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.
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.
“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.
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.
News
Wike fires Amaechi: You failed as Speaker, Governor and Minister For 24 Years(Photos)
… Reaffirms loyalty to President Bola Tinubu, vows to continue building sustainable leadership
Former Governor of Rivers State and Minister of the Federal Capital Territory (FCT), Chief Nyesom Wike, has challenged the people of Evo Kingdom to point to any tangible development or political empowerment attracted to their land by his predecessor, Chibuike Rotimi Amaechi, despite holding top political offices as Speaker, Governor, and Minister for 24 years.

Speaking during an interactive session with leaders and stakeholders of Evo Kingdom in Obio-Akpor Local Government Area, Wike declared that unlike past leaders who used their elevation to pull down others and monopolize power, his political philosophy centers on human capacity development, divine gratitude, and uplifting his people.
Wike questioned the moral right of those who spent decades in high offices without leaving behind a legacy of leadership or infrastructure in the area, warning against selfish politics that crumbles once the leader passes on.
”Because how will I answer before God if these people could take that kind of risk, and opportunity came up for you to help, for you to uplift them? But because of your greed, because of your selfishness, you don’t want anybody to reach the level you are,” Wike said.

He said; “You don’t want anybody in Obio-Akpor to be governor again because you have become governor. God will not be happy with me”.
Taking direct aim at Amaechi’s 24-year tenure across various arms of government, Wike challenged the kingdom to present evidence of what was attracted to the land under his rival’s reign.
”Someone was Speaker of the House of Assembly for eight years, Governor for eight years, and Minister for eight years—that is 24 years in top leadership positions! What can anybody point to that he attracted to Evo Kingdom or Rivers State in all those 24 years? Nothing! Not one single thing!
”I was a Minister of State for Education, and as I sit here, I can count the projects I brought to Rivers State and my people. But somebody was Speaker, Governor, and headed a very lucrative ministry as a full Minister for eight years, yet brought nothing back home! How can someone who spent 24 years in power without empowering his people or raising new leaders now turn around to tell you he loves you?” Wike queried.

Highlighting his political trajectory and contentment with his achievements under the administration of President Bola Ahmed Tinubu, the FCT Minister stressed that he has no further personal political ambitions other than serving as a vessel for his people.
”After all, what do I want that God has not given to me? Nothing! Nothing! Nothing! The only thing I ask from God today is to continue to give me long life,” he said.
“I can’t be a governor again. I’ve been a minister two times. I cannot be chairman of council again. So I am happy. I don’t have anything to lose”.
He continued: “What leadership, as you are leaving, what’s the leadership you have kept behind to continue with where you have stopped? Because our problem here is that you just want only yourself. When you die, everything crumbles. That is not our own case.”
Addressing political uncertainties and betrayal, the Minister reiterated his firm trust in God rather than human promises.
”As a politician, I know that the only person who will not disappoint is God,” Wike declared.
“So, don’t ever believe that a human being will not disappoint you. No matter the love you have, do the best you can do. If the person disappoints you, don’t kill yourself. God will right the wrong”, he said.
Wike also recounted how his administration restructured the chieftaincy institution to give Evo Kingdom adequate representation in the Rivers State Council of Traditional Rulers, dismissing claims that traditional politics or native charms could intimidate him.
Political leaders and traditional rulers like Eze Temple Ejekwu
and Elder Peter Chinwo, President of Evo Assembly assured the FCT Minister of victory for the President and other candidates endorsed by the Rainbow Coalition.
News
Nigeria’s Ambassador to Hungary, Abass Ogwime, Selected to Commission Hungarian-African House in Budapest
Nigeria’s Ambassador to Hungary, Abass Braimah Ogwime, has been selected among African ambassadors accredited to Hungary to officially commission the newly established Hungarian-African House in Budapest.
Ogwime, who also serves as Nigeria’s ambassador to Serbia, Croatia, Bosnia and Herzegovina, and Slovenia, was the guest speaker at the inauguration ceremony held in Budapest on October 2, 2026.
The event attracted members of the diplomatic community, Hungarian government representatives, African heads of mission, business executives, investors, members of the African diaspora and other stakeholders seeking to strengthen economic, cultural and diplomatic relations between Hungary and African countries.
The Hungarian-African House, known locally as Magyar-Afrika Ház, is an initiative of the Foundation for Africa. The facility is designed to serve as a permanent platform for dialogue, business development, cultural exchange and cooperation between Hungary and African nations.
The initiative is expected to provide a meeting point for Hungarian and African businesses, investors, academic institutions and government representatives to explore investment opportunities, establish strategic partnerships and develop practical areas of collaboration.
Ogwime’s selection as one of the African ambassadors chosen for the commissioning underscores Nigeria’s participation in diplomatic engagements aimed at expanding cooperation between African countries and Hungary.
The Nigerian Embassy in Budapest reaffirmed its commitment to strengthening diplomatic ties, promoting economic partnerships and supporting initiatives that encourage collaboration between Nigerian, African and Hungarian institutions and communities.
The establishment of the Hungarian-African House comes amid broader efforts to deepen Africa-Europe engagement through trade, investment, cultural diplomacy and institutional partnerships.
The new facility is expected to provide a dedicated space for advancing these objectives and fostering long-term relationships between Hungary and African countries.
News
‘Tinubu Must Go’: Yobe Youths Protest Economic Hardship, Insecurity
Hundreds of youths on Thursday staged a peaceful protest in Potiskum Local Government Area of Yobe State, demanding an end to President Bola Tinubu’s administration over worsening economic hardship, insecurity and unemployment.
The demonstration, tagged “Tinubu Must Go”, coincided with Nigeria’s 66th Independence Anniversary on October 1.
The protesters marched through the Tsohowar Kasuwa area of Potiskum, carrying placards and flags of the African Democratic Congress (ADC), while expressing dissatisfaction with the state of the country.
They said President Tinubu’s Independence Day broadcast failed to address their concerns, particularly the rising cost of living, poverty, unemployment, insecurity and what they described as poor governance since the administration assumed office in 2023.
Speaking to journalists on condition of anonymity, one of the protesters said the demonstration was an exercise of their fundamental rights and a call for urgent action to address the country’s challenges.
“We came out today to express our fundamental rights, freedom of speech. We are suffering from this government, people are dying due to insecurity, poverty and unemployment in the land,” the protester said.
Another demonstrator, who identified with the opposition, expressed concern over the country’s economic situation and the state of the education sector.
He said the youths were dissatisfied with the government’s handling of issues affecting ordinary Nigerians.
Similarly, a protester identified as Malam Gambo said the demonstration was organised to draw attention to hunger, insecurity and what the participants described as bad governance.
Eyewitnesses reported that the protest remained peaceful and orderly, with young men and women making up the bulk of the demonstrators.
Some participants were seen carrying ADC flags as they marched through parts of Potiskum to express their grievances against the Tinubu administration.
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