Nigerians lose N1.1bn as fraudsters hack Moniepoint payment platform

Several Nigerians have been robbed of N1.1 billion as hacker Sunday Ozimede allegedly broke into the Moniepoint payment system through a dark web operation. Justin Enang, the prosecutor of the Lagos Police Special Fraud Unit (PSFU), said this while announcing Mr Sunday’s arraignment on Friday. Mr Enang said Mr Ozimede was arraigned in the Lagos Division of the Federal High Court on charges bordering on conspiracy and obtaining N945,728,076 million by false pretence. Mr Ozimede was accused of planting a bug in Moniepoint’s data system, causing financial loss to the microfinance bank to the tune of N145 million.
According to the prosecutor, Mr Ozimede acted contrary to section 27 (i)(b); 14 of the Cyber Crimes (Prohibition, Prevention, etc) Act, 2015, as Amended in 2024, along with section 14 (1) of the same Act. “His act contravened section 18(2) (b) and (d) and punishable under section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022,” Mr Enang told the court. However, the defendant denied the allegations and pleaded not guilty to the charges against him. After hearing from both parties, Justice Ambrose Lewis-Allagoa admitted N50 million bail to the defendant, with one landed property owner as a surety.