Moniepoint Microfinance Bank is grappling with a major security breach after fraudsters allegedly stole N1.1 billion from its system. The primary suspect, identified as 43-year-old Sunday Ozimede, has been arrested by the Police Special Fraud Unit (PSFU) and is now facing trial at the Federal High Court in Lagos.
According to the PSFU prosecutor, Barrister Justine Enang, the alleged crime occurred in May 2024, when Ozimede and accomplices, who remain at large, infiltrated Moniepoint’s data system. The suspects reportedly diverted N945,728,076 from customers’ deposit accounts through multiple unauthorized transactions to other banks. Additionally, the bank suffered a financial loss of N145 million due to a bug allegedly planted in its system by Ozimede.
“The defendant fraudulently accessed Moniepoint’s vault and illegally transferred funds belonging to its customers,” Enang stated during the court proceedings. He explained that the acts contravened several provisions of the Cyber Crimes (Prohibition, Prevention, etc.) Act, 2015 (as amended in 2024), and the Money Laundering (Prevention and Prohibition) Act, 2022.
Ozimede, who pleaded not guilty to the charges, was arraigned on counts of conspiracy, cybercrime, and money laundering. His lawyer, Abdulmalik Ibrahim, sought bail for his client, arguing for leniency. However, the prosecutor opposed the motion, describing Ozimede as a flight risk who might abscond if granted bail.
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After considering the arguments, Justice Ambrose Lewis-Allagoa granted Ozimede bail in the sum of N50 million with one surety in like sum. The court stipulated that the surety must own landed property within its jurisdiction, and the bail terms would require verification by both the court registrar and the prosecution.
Justice Lewis-Allagoa also adjourned the case to March 13, 2025, for further proceedings.
Court documents revealed the severity of the allegations against Ozimede. They detailed how the defendant knowingly caused financial losses to Moniepoint and illegally benefited from the diverted funds. One of the charges read, “You, Sunday Ozimede, and others now at large, knowingly caused financial losses amounting to N145,000,001 to Moniepoint Microfinance Bank by planting a bug in its data system. You also transferred funds into your personal account and diverted them through numerous transactions.”
Moniepoint has not issued a public statement on the incident but is reportedly working with law enforcement to recover the stolen funds. The breach has raised concerns about the vulnerability of digital financial platforms and the urgent need for stronger cybersecurity measures.