Sterling Bank Loses N1.2 Billion In Major Cyber Attack On Its System 

Sterling Bank Plc has reportedly lost over N1.2 billion to hackers in an unprecedented breach of its systems.

Meanwhile, five suspects identified Victor Nwabueze (50), Favour Odey (22), Adekunle Daniel (34), Akachukwu Alagbogu, and Yetunde Oguntade (28) are already in court for orchestrating the massive cyber attack.

Arraigned before Justice Ambrose Lewis-Allagoa at the Federal High Court in Lagos, the suspects were charged for alleged conspiracy, hacking, and money laundering.

According to prosecutors, the suspects colluded with insider staff to exploit the bank’s internal systems between November 3 and 4, 2024. By leveraging sensitive data, such as IP addresses and mobile equipment identities, they transferred vast sums into fraudulent accounts, sending shockwaves across the financial sector.

The prosecution claims this breach was a coordinated attack that exploited weaknesses in Sterling Bank’s cybersecurity infrastructure. The suspects face charges under the Cybercrimes Act and Money Laundering (Prohibition) Act.

While the defendants pleaded not guilty, the court deemed them a flight risk. Justice Lewis-Allagoa granted bail set at N50 million each, with strict conditions including a surety who must own landed property within the court’s jurisdiction.

However, they remain in custody pending bail fulfillment.

The trial has been adjourned to March 13, 2025, as investigators work to unravel the full extent of the conspiracy.