Moniepoint Battles to Recover N1.1 Billion as Alleged Hacker Faces Court Trial
Moniepoint Microfinance Bank is grappling with the aftermath of a massive cyber fraud as it seeks to recover N1.1 billion allegedly stolen by a hacker.
The accused, 43-year-old Sunday Ozimede, reportedly orchestrated the fraudulent diversion of over N1.19 billion from the bank’s vault through sophisticated hacking techniques.
Ozimede, who was arrested by the Police Special Fraud Unit (PSFU), was arraigned before Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos.
He faces charges of conspiracy, cyber fraud, and money laundering.
The prosecution, led by Barrister Justine Enang, detailed the extent of the alleged offences, stating that they occurred in May 2024.
The PSFU revealed that Ozimede infiltrated Moniepoint’s systems, planting a malicious bug that caused financial losses amounting to N145 million.
He is also accused of fraudulently obtaining N945.7 million by false pretence, diverting funds from various customer accounts through numerous transactions to other banks.
The prosecution explained that the acts contravene multiple sections of the Cyber Crimes (Prohibition, Prevention, etc.) Act 2015 (amended in 2024) and the Money Laundering (Prevention and Prohibition) Act 2022.
The amended charges read in part:
“That you, Sunday Ozimede, and others now at large, sometime in May 2024, in Lagos State, conspired to commit a felony by obtaining the sum of N945,728,076 through false pretence, contrary to Section 27 (i)(b) of the Cyber Crimes Act.”
During the arraignment, Ozimede pleaded not guilty to all charges.
His lawyer, Abdulmalik Ibrahim, sought bail on his behalf, urging the court to consider lenient terms.
However, the prosecution opposed the application, labelling Ozimede a “flight risk” who might abscond if granted bail.
After deliberation, Justice Lewis-Allagoa granted the defendant bail in the sum of N50 million, with one surety who must own landed property within the court’s jurisdiction.
The court further mandated that the bail conditions be verified by the Registrar and the prosecutor.
The court adjourned the case to 13 March 2025 for trial. The prosecution remains firm in its commitment to ensuring justice, while Moniepoint continues efforts to recover the stolen funds.
