A 43-year-old man, Sunday Ozimede, has been arraigned before the Federal High Court in Lagos for allegedly hacking into Moniepoint Microfinance Bank’s system and stealing a staggering sum of ₦1,190,728,076 billion. The case, presented by the Police Special Fraud Unit (PSFU), involves charges of conspiracy, hacking, and obtaining money by false pretence.
Allegations Against the Defendant
Prosecution counsel Justine Enang told the court that Ozimede, in collaboration with others still at large, hacked the bank’s system in May 2024. The charges include:
- Obtaining ₦945,728,076 through false pretence.
- Causing financial losses of ₦145 million by planting a bug in the bank’s data system.
- Fraudulently diverting funds from Moniepoint customers’ accounts into other bank accounts through multiple transactions.
The prosecutor emphasized that these actions violated several provisions of the Cyber Crimes (Prohibition, Prevention, etc.) Act, 2015 (Amended in 2024) and the Money Laundering (Prevention and Prohibition) Act, 2022.
Defendant Pleads Not Guilty
Ozimede pleaded not guilty to all charges. Following his plea, the prosecutor requested that the court remand him to a correctional facility pending trial. He also opposed bail, arguing that Ozimede was a flight risk who might evade trial if granted bail.
Defense’s Plea for Bail
The defendant’s lawyer, Abdulmalik Ibrahim, filed a motion for bail, urging the court to grant Ozimede bail on liberal terms. He argued that the defendant should be presumed innocent until proven guilty.
Court’s Decision on Bail
After hearing arguments from both sides, Justice Ambrose Lewis-Allagoa granted Ozimede bail under the following conditions:
- Bail sum of ₦50 million, with one surety in the same amount.
- The surety must own landed property within the court’s jurisdiction.
- Bail terms must be verified by the court registrar and the prosecutor.
Next Steps
The court has yet to set a trial date. The prosecution will work to present evidence linking Ozimede to the alleged hacking and theft, while the defense will challenge the claims to prove his innocence.
Legal Implications
This case underscores the growing challenge of cybercrime in Nigeria’s financial sector. It highlights the importance of robust cybersecurity measures to protect customer funds and systems from sophisticated cyber threats. If convicted, Ozimede could face severe penalties under the Cyber Crimes and Money Laundering Acts.
Conclusion
As the trial progresses, the court will determine whether the evidence substantiates the allegations against Ozimede. Meanwhile, the case serves as a reminder for financial institutions to prioritize digital security and for regulators to enforce stricter measures to combat cyber fraud.
