Connect with us

News and Report

COURT JAILS UNION BANK HACKERS OVER N2.5BN FRAUD

Published

4 years ago

on

The Economic and Financial Crimes Commission, EFCC, Lagos Zonal office, has secured the conviction of one Abass Mohammed and a Bureau De Change, (BDC) operator, Ibrahim Saidu Jogal, who connived to hack into the Flexcube database of Union Bank and defrauded the bank of N2,550,000,000 (Two billion Five hundred and Fifty Million Naira).

The Commission received a petition alleging that fraudsters had hacked into the bank’s database and diverted the sum of N2,550,000,000. Investigation into the petition revealed that the said money was fraudulently credited into the accounts of mostly BDC operators, including one Jaxmine BDC, Gona BDC and Great Well Communication.

It was further revealed that Mohammed sourced for the account details of Jaxmine BDC from one of his friends, Lawal Ubah, who was a signatory to the account, and subsequently gave the details to one Salisu Liman (aka Zico), the ring leader of the syndicate. The sum of N450 million was then credited into the account.

Subsequently, the sum of N79 million was transferred from the account of Jaxmine BDC into the account of Digare BDC owned by Jogal for the purpose of buying $500,000. Further investigations revealed that Jogal only paid $80,000 to Mohammed and kept the balance of $420,000.

Jogal, investigations also revealed, said that he got information that the money was not genuine but fraudulent, thereby prompting Mohammed to open up to him that the money was stolen.

They were arraigned before Justice K.A. Jose of the State High Court sitting in Igbosere, Lagos on three-count charges bordering on conspiracy, retention and use of proceeds of crimunal conduct contrary to Section 331(1)(b) of the Criminal Laws No. 11, Vol 44 of Lagos State 2011.

They pleaded “not guilty” to the charges, paving the way for the commencement of their trial.

In proving its case against them, the EFCC presented three witnesses – Vincent Agwu, a Union Bank official, and two investigators, Joseph Nkeson and Aliyu Abubakar. Several documents were also tendered in court by the prosecution.

Delivering judgment, Justice Jose found the defendants guilty on counts two and three, and discharged them on count one, which bordered on conspiracy to defraud. Mohammed was sentenced to a term of one year in prison.

The trial judge further ordered that the sum of $37,000 and $7,000 recovered from him by the EFCC should be handed over to Union Bank, while the car recovered from him should be sold and the proceeds given to the bank.

Justice Jose observed that Jogal showed no contrition, and failed to pay back a substantial sum of the money traced to him. Subsequently, he was sentenced to a term of three years, and ordered to return the sum of $220,000 and another $200,000 earlier recovered from him by the EFCC to Union Bank.

The judge also ordered that his property, whose title documents he gave to the Commission, should be sold and the proceeds handed over to the bank.

Related Topics:
Continue Reading
Advertisement

News and Report

Former Governor Ifeanyi Okowa, Spends Second Night In EFCC’s Cell Over N1.3 Trillion Alleged Fraud

Published

3 hours ago

on

November 7, 2024

By

 

Immediate past governor of Delta State, Ifeanyi Okowa, who was arrested and detained by the Economic and Financial Crimes Commission (EFCC) has spent second night in the custody of the anti-graft commission.

 

Okowa is currently being investigated and detained over the alleged diversion of N1.3 trillion.

 

The N1.3 trillion reportedly represents the 13% derivation fund from the federation account between 2015 and 2023.

 

According to sources within the commission, Okowa was invited to the EFCC office in Port Harcourt, Rivers State, where he’s subsequently detained by officials.

 

One of the sources stated, “Okowa was at our Port Harcourt office following an invitation from investigators probing the allegations against him. He was then arrested. The commission is investigating him regarding the N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.

 

“He is also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas. He reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes.

Investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt.

Continue Reading

News and Report

Lagos Government Shuts Down Redeemed Church, Celestial Church, Clubs, Event Centres Over Noise Pollution

Published

16 hours ago

on

November 6, 2024

By

The Lagos State government has shut down a branch of Pastor E. A. Adeboye’s Redeemed Christian Church of God, a Celestial church, nightclubs and event centres over noise pollution.

The Commissioner for Environment and Water Resources, Tokunbo Wahab, who made this known on Wednesday, said the churches, clubs and event centres were sealed on Tuesday by the Lagos State Environmental Protection Agency (LASEPA) in the Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota areas of the state.

The sealed establishments include: Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Lounge & Lodging, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.

The commissioner in a post on X said, “In a bid to address noise pollution and other environmental violations, the Lagos State Environmental Protection Agency (LASEPA) took action yesterday, closing down several establishments across different parts of the state.

“This enforcement drive, focusing on areas like Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota, is part of LASEPA’s continuous efforts to uphold environmental standards and safeguard public health.

“The affected establishments include Honourable Lounge & Lodging, Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.”

 

Continue Reading

News and Report

Gen. Taoreed Lagbaja: Tinubu directs flags be flown at half-mast

Published

17 hours ago

on

November 6, 2024

By

President Bola Tinubu has directed that Nigeria’s national flags be flown at half mast for seven days across the country to mourn the passing of the late Chief of Army Staff, Lt. Gen. Taoreed Lagbaja.

The late Army chief, who was appointed by Tinubu on 19 June 2023, was said to have passed away on Tuesday night after a prolonged illness.

The Secretary to the Government of the Federation, George Akume, in a statement on Wednesday by his office Director of Information & Public Relations, Segun Imohiosen, said the president expressed regret over Lagbaja’s death.

Akume said, “President Bola Tinubu has expressed regret following the death of the Chief of Army Staff, Lieutenant General Taoreed Abiodun Lagbaja, after a brief illness at the age of 56.

“The President has directed that national flags be flown at half mast throughout the country for seven days in honour of the departed Army chief.

“He profoundly appreciates the services of the departed to the nation and wishes the family the fortitude to bear the great loss.”

Meanwhile, the Ministers of Defence, Mohammed Badaru and Bello Matawalle, have commiserated with the president, the military, and Lagbaja’s family over his death.

In a statement by the Ministry’s spokesperson, Henshaw Ogubike, the ministers described Lagbaja’s death as a great loss to his family, the Army, and the nation at large.

“The passing on to eternal glory shocked us at the Ministry of Defence, as our working relationship with him was commendable; he exhibited the spirit of camaraderie and cooperation with us in the discharge of our mandate.

“The late Chief of Army Staff contributed significantly to internal security operations across Nigeria and also exhibited a high level of professionalism.

“He will be greatly missed by the family, the military, and the nation, as he served the nation with commitment and dedication,” the statement added.

 

Continue Reading

Trending