Sterling Bank Plc has become the latest target in a significant cyberattack, losing over N1.2 billion to hackers in a breach that has sent shockwaves through Nigeria’s financial sector.
Five suspects—Victor Nwabueze (50), Favour Odey (22), Adekunle Daniel (34), Akachukwu Alagbogu, and Yetunde Oguntade (28)—have been charged in connection with the heist. They were arraigned before Justice Ambrose Lewis-Allagoa at the Federal High Court in Lagos, facing allegations of conspiracy, hacking, and money laundering.
According to prosecutors, the cyberattack occurred between November 3 and 4, 2024, when the accused, in collaboration with insider staff, exploited weaknesses in Sterling Bank’s cybersecurity systems. They reportedly accessed sensitive data, including IP addresses and mobile equipment identities, to facilitate unauthorized transfers of vast sums into fraudulent accounts
The breach has been described as a highly coordinated operation that revealed glaring vulnerabilities in the bank’s cybersecurity defenses. Authorities have charged the suspects under the Cybercrimes Act and the Money Laundering (Prohibition) Act.
Although the accused pleaded not guilty, Justice Lewis-Allagoa deemed them a flight risk and set bail at N50 million each. The conditions include the provision of a surety who owns landed property within the court’s jurisdiction. Until the bail conditions are met, the suspects remain in custody.
This incident has sparked widespread concerns about the resilience of Nigeria’s banking system in the face of increasingly sophisticated cyberattacks. Authorities are actively pursuing additional suspects believed to be on the run as investigations continue to uncover the full extent of the conspiracy.
The trial has been adjourned to March 13, 2025, giving investigators time to deepen their probe into the breach.
For Sterling Bank, the fallout is far from over as stakeholders and customers demand transparency and accountability. This incident serves as a wake-up call for Nigerian financial institutions to fortify their cybersecurity frameworks and mitigate the risk of insider threats.
As the banking sector grapples with the implications of this attack, experts are urging banks to invest heavily in advanced cybersecurity measures to prevent such breaches in the future.
