How Hackers Stole N1.2 Billion from Sterling Bank

Five alleged internet fraudsters have been charged with hacking Sterling Bank Plc’s banking platform and siphoning over N1.2 billion.

The accused—Victor Nwabueze (50), Favour Odey (22), Adekunle Daniel (34), Akachukwu Alagbogu, and Yetunde Oguntade (28)—were arraigned before Justice Ambrose Lewis-Allagoa at the Federal High Court in Lagos.

Prosecutors allege the suspects, in collaboration with internal bank staff, breached sensitive systems between November 3 and 4, 2024, using compromised data, including IP addresses and mobile equipment identities, to transfer funds to fraudulent accounts.

The group faced a three-count charge of conspiracy, hacking, and money laundering under the Cybercrimes Act and Money Laundering Prohibition Act.

While they pleaded not guilty, the prosecution opposed bail, citing the defendants’ potential flight risk.

Justice Lewis-Allagoa eventually granted bail at N50 million each, with one surety who must own landed property within the court’s jurisdiction.

Pending bail fulfillment, the accused were remanded in custody.