Hackers Allegedly Steal $735,000 After Compromising a Nigerian Bank
According to AccessNews, hackers compromised a Nigerian bank and stole over 523 million nairas ($735,000) from a customer’s account. The reports revealed that the hacker transferred the money to 18 different accounts in the same bank.
The Hackers Transferred the Funds From 18 Accounts
Eyitayo Johnson, a spokesperson for the Police Fraud Unit in Ikoyi, said in a statement that the hackers subsequently transferred the money from the 18 accounts. On Wednesday, he said the hackers transferred the money into 225 other accounts in 22 different banks and financial institutions.
Eyitayo said the cyberattack started on April 23rd and was prolonged till April 25th, 2022. However, in the course of events, two suspects were arrested for involvement in the cyberattack.
He added that the legal section of the Police Special fraud, led by CSP E. Jackson, had taken the matter to court. Eyitayo said the Federal High Court ruled for the preservation, forfeiture, or attachment of the money transferred on the internet.
After Investigations, it was revealed that 160 million nairas ($225,122) were recovered from different banks. “During Investigations, 160 million nairas were recovered from different banks and two suspects were arrested,” said Eyitayo. He added that operatives are still yet to find the remaining members of the crime, meanwhile, the suspects will be charged to court.
Furthermore, Eyitayo said that the legal section had charged a company, Excampo Nigeria Limited for stealing about $123,000. Sikiru Olayinka and his company, Excampo, are charged with stealing the money which was wrongly transferred to his company’s account.
“Sikiru Olayinka immediately visited the bank and transferred $120,000 in two tranches into the accounts of his friends. The bank made efforts to seize the transactions but Sikiru to frustrated these efforts and continued to make transactions contrary to the provisions of Banks and Other Financial Institutions Act, 1991, and Failed Banks Act, 1994,” Eyitayo explained.
Eyitayo didn’t mention the bank that was compromised and neither revealed how the hackers gained access. However, it is not surprising as many organizations in Nigeria don’t prioritize cybersecurity.
Recent Cybercrimes Involving Nigerians
In the past few months, Nigerian black hat hackers have been motivated by money. Last month, three Nigerians were extradited to the US for email scam. John Adeagbo, Donald Echeazu, and Olabanji Egbinola were accused of multiple charges including wire fraud, identity theft, and money laundering.
Adeagbo and Echeazu posed as a construction company and defrauded a university in North Carolina of about $2 million. The three men are yet to face trial in a US court.
