Five individuals have been arraigned before Justice Ambrose Lewis-Allagoa of the Federal High Court, Lagos, over allegations of hacking into Sterling Bank Plc’s banking platform and Bance Application, stealing a sum of ₦1,257,536,572.50.
The accused—Victor Nwabueze Ogochukwu (50), Favour Odey (22), Adekunle Daniel (34), Akachukwu Alagbogu, and Oguntade Yetunde (28)—were brought before the court on Friday by operatives of the Police Special Fraud Unit (PSFU), Ikoyi, Lagos.
Prosecutor Justine Enang informed the court that the defendants, in collaboration with unnamed internal staff of Sterling Bank and external accomplices, committed the alleged offense on November 3 and 4, 2024, by exploiting sensitive bank data and security systems using unauthorized access points, including IP addresses and device identifiers.
According to Enang, the actions violated sections 27(1)(b) and 14(1) of the Cyber Crimes (Prohibition, Prevention, Etc.) Act, 2015 (as amended in 2024), as well as sections 18(2)(b) and (d) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The defendants, who pleaded not guilty to charges of conspiracy, hacking, and unlawful conversion of funds, applied for bail through their legal counsel.
However, the prosecution opposed the application, arguing they posed a flight risk and citing multiple grounds to justify the objection.
Justice Lewis-Allagoa granted bail to each defendant in the sum of ₦50 million with one surety of equal value. The surety must own landed property within the court’s jurisdiction.
The judge ordered the defendants to remain in custody at the Nigerian Correctional Service until their bail conditions are met and adjourned the trial to March 13, 2025.
