Sterling Bank Plc has become the latest victim of a massive cyberattack, losing over N1.2 billion to hackers in an unprecedented breach of its systems.
Five individuals – Victor Nwabueze (50), Favour Odey (22), Adekunle Daniel (34), Akachukwu Alagbogu, and Yetunde Oguntade (28) – have been charged with orchestrating this high-stakes heist.
The accused were arraigned before Justice Ambrose Lewis-Allagoa at the Federal High Court in Lagos, facing allegations of conspiracy, hacking, and money laundering.
According to prosecutors, the suspects colluded with insider staff to exploit the bank’s internal systems between November 3 and 4, 2024. By leveraging sensitive data, such as IP addresses and mobile equipment identities, they transferred vast sums into fraudulent accounts, sending shockwaves across the financial sector.
The prosecution claims this breach was a coordinated attack that exploited weaknesses in Sterling Bank’s cybersecurity infrastructure. The suspects face charges under the Cybercrimes Act and Money Laundering (Prohibition) Act.
While the defendants pleaded not guilty, the court deemed them a flight risk. Justice Lewis-Allagoa granted bail set at N50 million each, with strict conditions including a surety who must own landed property within the court’s jurisdiction.
However, they remain in custody pending bail fulfillment.
This breach exposes serious vulnerabilities within Nigeria’s banking system, raising concerns about insider threats and inadequate cybersecurity measures. Authorities are pursuing additional suspects believed to be on the run, intensifying the hunt for those who orchestrated this brazen attack.
The trial has been adjourned to March 13, 2025, as investigators work to unravel the full extent of the conspiracy. This incident serves as a wake-up call for financial institutions to reinforce their cybersecurity defenses against increasingly sophisticated cybercriminals.
