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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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Just in: Osun PDP receives defectors from APC, others

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The Osun State Chapter of the People’s Democratic Party (PDP) has received thousands of decampees from the All Progressives Congress and other political parties into its fold.

The decampees, who are mostly from the Omisore Youth Support Forum (OYSF) joined the party at a ceremony held at party secretariat in Osogbo, the capital of Osun State, on Wednesday.

The were received by the Chairman of the PDP in Osun, Hon. Sunday Bisi, former Deputy Speaker of the House of Representatives, Lasun Yusuff and other party leader.

While receiving the decampees, Bisi renamed the group as Adeleke Youth Support Forum (AYSF) as they declared their support for Adeleke’s 2026 re-election bid.

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One of the leaders of the decampees, Mr Francis Fasogbon said they were “inspired by the good governance delivered by Governor Ademola Adeleke”.

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Hon. Dennis Agbo Resigns From Labour Party

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Hon. Dennis Agbo, representing Igboeze North/Udenu Federal Constituency in the 10th House of Representatives, has resigned from the Labour Party (LP) and defected to the Peoples Democratic Party (PDP).

Addressing aa gathering in his ward, Ezzodo, Agbo cited his admiration for Enugu State Governor, Dr. Peter Ndubisi Mba’s performance, as the reason for his decision.

“I acknowledge Governor Mba’s outstanding work, and I believe it’s essential to support him,” Agbo said. “As a federal legislator from Enugu State, I’m joining hands with him to provide a link between the state and federal government, promoting the good work he’s doing to uplift our state.”

Agbo, who was elected on the LP ticket, expressed his desire to work with Governor Mba, citing the governor’s vision and achievements since his inauguration in 2023.

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He also emphasized that the internal crisis and division within the Labour Party was part of the factors influencing his decision to leave the party and return to PDP.

The lawmaker invited his supporters and members of Labour Party to a formal ceremony marking his transition to PDP, scheduled for May 1, 2025, at the PDP State Secretariat in Enugu.

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Gov Otti slams opposition in Abia, says”you’re all seeking relevance”

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Governor Alex Otti says he is not bothered about the noise coming from members of the opposition parties in Abia State.

Otti said his critics should not be taken serious as they are not coming out to contest elections but to seek negotiations and relevance.

Governor Otti stated this while receiving the member representing Bende North constituency in Abia State House of Assembly, Nnamdi Ibekwe who recently dumped the PDP and joined the Labour Party, LP in Abia State.

“We are not bothered about the oppositions and their noise. There are different reasons why people show up for elections.

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Sometimes, they just want recognition; that their names showed up for the primaries, knowing fully well that they will not win the election.

“Some of them also come for negotiations and then of course, some others also show up for projections; they look at themselves and say, ‘if I start the noise in 2025, maybe by 2040, they will know that I have been in the race and they will call me and recognize me’, so they are projecting themselves,” Gov. Otti explained.

Governor Otti said he is rather focused on doing the job the people elected him to do and respond to the noise of the opposition across the State.

He congratulated Nnamdi Ibekwe for dumping the PDP for LP, explaining that nobody pressured him to come over to the LP, reiterating that he does not emphasize much on political platforms.

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Earlier while presenting himself to the Governor, the member representing Bende North constituency, Nnamdi Ibekwe said he was attracted to the Labour Party by the achievements of Governor Alex Otti which he described as unprecedented.

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