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.

US President Donald Trump said in his inauguration speech Monday that his government’s official policy would only recognize two genders, ending the current practice of providing a third gender option in some settings.

“I will also end the government policy of trying to socially engineer race and gender into every aspect of public and private life… As of today, it will henceforth be the official policy of the United States government that there are only two genders, male and female,” he said.

US President Donald Trump vowed Monday to revamp US trade, promising tariffs and taxes on other countries to aid Americans, in an inaugural address as he took office as 47th president of his country.

“I will immediately begin the overhaul of our trade system to protect American workers and families,” he said. “Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens.”

US President Donald Trump vowed Monday to deport “millions and millions” of undocumented migrants as he was sworn in after running an election campaign that focused on illegal immigration.

“First, I will declare a national emergency at our southern border. All illegal entry will immediately be halted, and we will begin the process of returning millions and millions of criminal aliens back to the places from which they came,” he said.

Foremost Professor of Political Science, Bolaji Akinyemi, has asked President Bola Tinubu to avoid confrontation with the newly sworn-in 47th President of the United States, Donald Trump.

“If I were President Tinubu, I would try to steer clear of antagonising him because there is nothing a bully likes better than taking on people who are not strong enough to resist him,” Akinyemi said on Channels Television’s Politics Today programme on Monday.

“You know there is that African proverb that if you are not strong enough to take on a bully and you take him on, you are just even going to suffer more for it.

“That’s the advice I will give President Tinubu: try and avoid having a confrontation with him even if that means that he does things that annoy or does things that step on the interests of Nigeria. There are ways in which you could address his reaction without confrontation.”

Prof Akinyemi, a former Director General of the Nigerian Institute of International Affairs (NIIA), faulted the inaugural speech of Trump as uninspiring, “shocking and depressing”.

The octogenarian said rather than rallying the world for peace, Trump took time to threaten the rest of the world with a bouquet of hostile policies including tacking back Panama Canal, renaming the Gulf of Mexico as the Gulf of America, tariff wars, and others.

Akinyemi said the US president would “soon learn that there are repercussions to policies, to jingoism”, adding that the world is “in for a rough ride for four years” of the Trump presidency.

The former Nigerian Minister of External Affairs said Nigeria is out of the focus on the 78-year-old most powerful president and that Africa’s most populous nation should not expect anything extraordinary from the Trump presidency.

Trump was sworn in as president on Monday, succeeding Joe Biden, four years after an electoral defeat that truncated his second-term ambition.

Trump, 78, was a political outsider at his first inauguration in 2017 as the 45th president, but this time around he is surrounded by America’s wealthy and powerful.

The world’s richest man, Elon Musk, Meta boss Mark Zuckerberg, Amazon chief Jeff Bezos and Google CEO Sundar Pichai all had prime seats in the Capitol alongside Trump’s family and cabinet members.

While Trump refused to attend Joe Biden’s 2021 inauguration after falsely claiming electoral fraud by the Democrat, this time Biden has been keen to restore the sense of tradition.

Biden joined former presidents Barack Obama, George W. Bush and Bill Clinton at the Capitol. Former first ladies Hillary Clinton and Laura Bush were there but ex-first lady Michelle Obama pointedly stayed away.