Sunday Ozimede, a 43-year-old man, has been arrested for allegedly hacking into the systems of Moniepoint Microfinance Bank and stealing a staggering ₦1.19 billion.
The Police Special Fraud Unit (PSFU) reports that Ozimede executed the theft by planting a bug in the bank’s data system, which allowed him to divert funds from various customer accounts into his own. The fraudulent activities reportedly took place in May 2024, raising serious concerns about the security measures in place at financial institutions.
Ozimede was arraigned before Justice Ambrose Lewis-Allagoa at the Federal High Court in Lagos on multiple charges, including conspiracy and obtaining money by false pretenses. During the court proceedings, the prosecutor revealed that Ozimede had unlawfully transferred ₦945 million from Moniepoint’s operational accounts through a series of transactions to other banks.
Despite denying the allegations and pleading not guilty, Ozimede’s legal team sought bail, arguing for leniency. However, the prosecutor countered this request, labeling him a “flight risk” who might evade trial if released. After considering both sides, Justice Lewis-Allagoa granted bail set at ₦50 million, requiring that he provide a surety with landed property within the court’s jurisdiction.
The case has been adjourned to March 13, 2025, for further proceedings, as authorities continue to investigate the extent of the breach and its implications for customer security at Moniepoint Microfinance Bank. This incident serves as a stark reminder of the vulnerabilities that exist in our increasingly digital banking environment.
