Staff and Hackers Breach Sterling Bank Systems, Steal N1.3BN
Discover how staff and hackers allegedly compromised Sterling Bank's systems, stealing over N1.3 billion. Details of the case, suspects, and court proceedings revealed
By Jason Okhai
The Nigeria Police Special Fraud Unit (PSFU), Ikoyi, Lagos, has apprehended five suspects—three men and two women—accused of breaching the banking platform and Bance Application of Sterling Bank Plc, allegedly siphoning N1,257,536,572.50.
The suspects, arraigned on January 17, 2025, before the Federal High Court in Lagos, are accused of committing the crime between November 3 and 4, 2024, in collaboration with certain bank employees. They face charges of conspiracy, hacking, unlawful possession, and funds conversion before Justice Ambrose Lewis-Allagoa.
The defendants include Victor Nwabueze Ogochukwu (50), Favour Odey (22), Adekunle Daniel (34), Akachukwu Alagbogu, and Oguntade Yetunde (28).
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Prosecution counsel Justine Enang informed the court that the accused, along with accomplices still at large, worked with insider staff to compromise the bank’s sensitive data and security systems. This was allegedly achieved using international mobile equipment identity 14984244, IP address 84252.113.3, and 88 transactions.
The prosecutor noted that the alleged crimes contravene sections 27(1)(b) and 14(1) of the Cyber Crimes (Prohibition, Prevention, Etc.) Act, 2015 (as amended in 2024), and also violate sections 18(2)(b) & (d) and 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The defendants pleaded not guilty, prompting their legal counsels to seek bail on liberal terms. However, Enang opposed the applications, arguing that the suspects posed a flight risk.
Justice Lewis-Allagoa ruled that the offences were bailable and granted bail to each defendant in the sum of N50 million with one surety of equal value, who must own landed property within the court's jurisdiction. Until the bail terms are fulfilled, the defendants are to remain in the custody of the Nigerian Correctional Services (NCoS).
The case has been adjourned to March 13, 2025, for trial.
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