Moniepoint Microfinance Bank has reportedly fallen victim to a cyberattack, losing over N1.1 billion in a dark web operation allegedly orchestrated by 43-year-old Sunday Ozimede. The suspect was arraigned by the Police Special Fraud Unit (PSFU) at the Federal High Court in Lagos on charges of conspiracy, fraud, and cybercrime.
According to the PSFU prosecutor, Justine Enang, Ozimede and accomplices, who remain at large, infiltrated Moniepoint's data system in May 2024, diverting over N945 million from customers' accounts through numerous unauthorized transactions. He was also accused of planting malicious software that caused an additional financial loss of N145 million to the bank.
The prosecutor stated that Ozimede’s actions violated provisions of the Cybercrimes (Prohibition, Prevention, etc.) Act of 2015 (amended in 2024) and the Money Laundering (Prevention and Prohibition) Act of 2022.
Ozimede pleaded not guilty to the charges. His defense lawyer, Abdulmalik Ibrahim, requested bail on lenient terms, while the prosecutor opposed the request, citing concerns that Ozimede was a flight risk and could evade trial if released.
Justice Ambrose Lewis-Allagoa granted bail to Ozimede in the sum of N50 million with one surety who must own landed property within the court’s jurisdiction. The court ordered that the bail conditions be verified by the court registrar and the PSFU prosecutor.
The trial is set to continue as investigations into the case unfold.
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