See how Nigerian bank lost 10bn as EFCC releases names of hackers

• Amid rising fraud incidents, four Nigerians have been arrested for logging into bank computer systems
• The suspected were paraded by the Operatives of the Economic and Financial Crimes Commission
• The Federal High Court in Abuja recently issued a 30-day freeze on 818 bank accounts linked to an N10 billion cyberattack

The Economic and Financial Crimes Commission (EFCC) has arrested four suspects for allegedly breaching bank systems and withdrawing funds fraudulently.

Four Nigerians lands in EFCC net for hacking Photo credit: Picture Alliance
Source: Getty Images

The suspects—identified as Chima Nwigwe, Effiong Emmanuel, Mohammed Mahmud, and Damian Ali—were arrested during a sting operation in Abuja. Punch reports.

According to EFCC spokesperson Dele Oyewale, the accused persons gained unauthorized access to banks' computer systems, enabling them to withdraw huge sums from depositors' accounts through various digital platforms.

The statement reads:

"The Economic and Financial Crimes Commission, EFCC, has arrested Chima Anthony Nwigwe, suspected leader of banks’ hacking syndicate alongside three others: Effiong Victor Emmanuel, Mohammed Bello Mahmud, managing director, Downstone Ultimate Limited and Daminan Ali for alleged conspiracy, unauthorized access to banks’ computer systems and fraudulent withdrawal of depositors’ funds."They were arrested in a sting operation in Abuja following actionable intelligence about their suspected involvement in hacking, compromising databases of commercial banks, thereby causing fraudulent transfers and withdrawals through different digital platforms."

Bank loses N10 billion

In a related development, a Federal High Court in Abuja has ordered a 30-day freeze on 818 bank accounts suspected of being linked to an N10 billion cyberattack on Hope Payment Service Bank.

The freezing order, issued on October 15, 2024, by Justice James Omotosho, is based on an ex parte motion filed by the Inspector General of Police (IGP).

The IGP's legal team, backed by an affidavit from Nigeria Police Force staff member Mohammed Idris, alleges criminal diversion of funds and conspiracy involving Hope Payment Service Bank and various financial institutions.

NCC warns Nigerians, exposes fraudsters' tricks

Meanwhile, in another report, the NCC received 20,000 complaints from Nigerians who had fallen victim to telecom fraud.

The commission reveals that many fraudsters pose as telecom operators or loan sharks to deceive people and extract money from them.

NCC wants Nigerians to be cautious when dealing with suspicious phone calls, messages, or requests.

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Source: Legit.ng