Man Arrested In Lagos For N1.1b MoniePoint Bank Fraud

THE Police Special Fraud Unit in Lagos has arrested a 43-year-old man, Sunday Ozimede, for allegedly hacking into the system of MoniePoint Microfinance Bank and stealing depositors’ funds totalling N1.1 billion while planting a bug in the bank’s data system.

P.M. Express reports that Mr. Ozimede has been arraigned before the Federal High Court on three counts of conspiracy, hacking, and obtaining by false pretence, as charged by the Police Special Fraud Unit.

According to the Police, Mr. Ozimede allegedly accessed the bank’s vault and stole N1.19 billion, causing financial losses of N145 million to MoniePoint Microfinance Bank by inserting malicious software into its data system.

The alleged fraud was reported to the Police Fraud Unit, which promptly launched an investigation. Operatives arrested Mr. Ozimede, detained him for questioning, and, following extensive interrogation, found him culpable before charging him in court.

The prosecuting counsel, Justine Enang, informed the Court that Mr. Ozimede and accomplices, who are still at large, conspired in May 2024 to hack the Microfinance Bank, obtaining N945 million through false pretence and causing further financial losses of N145 million by planting a bug.

The prosecutor also stated that Mr. Ozimede fraudulently diverted the stolen funds from numerous MoniePoint Microfinance Bank customers’ accounts into various other banks through multiple transactions.

The offences were said to contravene Sections 27(1)(b) and 14 of the Cyber Crimes (Prohibition, Prevention, etc.) Act 2015, as amended in 2024, and Section 14(1), as well as Sections 18(2)(b) and (d), punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act 2022.

The defendant, however, pleaded not guilty.

The prosecutor urged the Court to remand Mr. Ozimede in custody pending the trial’s conclusion and requested a trial date. However, the defendant’s counsel, Abdulmalik Ibrahim, filed a bail application, asking the Court to release his client on liberal terms, a motion opposed by the prosecution, which argued that the defendant posed a flight risk.

Justice Ambrose Lewis-Allagoa, after hearing submissions from both sides, granted Mr. Ozimede bail in the sum of N50 million, with one surety of the same amount. The surety must own property within the Court’s jurisdiction, and the bail terms are to be verified by the Court registrar and the prosecution.

The case was adjourned until 13th March 2025 for trial. Mr. Ozimede was remanded in custody at the correctional centre pending the fulfilment of his bail conditions.

Source / P.M. Express