Sterling Bank Limited and its holding company, Sterling Financial Holdings Company, are currently battling a N1.257, 536, 572. 80 billion depositors’ funds which were stolen from the bank by some of its staff.

We gathered that the staff colluded with some fraudsters to hack the bank’s banking platform and stole the said fund.

The suspects, namely Victor Nwabueze (50), Favour Odey (22), Adekunle Daniel (34), Akachukwu Alagbogu, and Yetunde Oguntade (28)—were arraigned by the Police Special Fraud Unit (PSFU), Ikoyi, Lagos, before Justice Ambrose Lewis-Allagoa at the Federal High Court in Lagos on Thursday.

The group faced a three-count charge of conspiracy, hacking, and money laundering under the Cybercrimes Act and Money Laundering Prohibition Act.

The prosecutor, Barrister Justine Enang, alleges that the suspects, in collaboration with internal staff of Sterling Bank, breached sensitive systems between November 3 and 4, 2024, using compromised data, including IP addresses and mobile equipment identities – 14984244, IP address 84252.113.3 & 88 transaction., to transfer funds to fraudulent accounts.

He informed the court that the alleged acts of the defendants contravened sections 27(1)(b); 14(1) of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 as amended in 2024, Read along with section 14(1) of the same Act.

Enang also told the court that the defendants’ act was contrary to and punishable under Section 18(2)(b) & (d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

The Charges Against The Defendants Read: “That you Victor Nwabueze Ogochukwy “m”, Favour Odey “f’, Adekunle Daniel “m”, Akachukwu Alagbogu and others now at large, sometimes on the 3rd & 4th November 2024, in Lagos State, within the jurisdiction of the Judicial Division of The Federal High Court, with intent to defraud, did conspire amongst yourselves to commit a felony to wit: internet fraud to the sum of N1, 257, 536, 572.50 (One Billion, Two Hundred and Fifty Seven Million, Five Hundred and Thirty Six Thousand, Five Hundred and Seventy Two Naira, Fifty Kobo) by false pretence and thereby committed an offence contrary to section 27(1)(b) of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 as amended in 2024, Read along with section 14(1) of the same Act.

“That you Victor Nwabueze Ogochukwu “m”, Favour Odey “f’, Adekunle Daniel “m”, Akachukwu Alagbogu and others now at large, sometimes on the 3rd & 4th November 2024, in Lagos State, within the aforementioned Judicial Division of The Federal High Court, did knowingly and without authority cause financial lost to Sterling Bank Plc to the tune of N1, 257, 536, 572. 80 (One Billion, Two Hundred and Fifty Seven Million, Five Hundred and Thirty Six Thousand, Five Hundred and Seventy Two Naira, Fifty Kobo) by suppressing one of the banking platform and Bance Application from their various customers’ account to different fraudulent accounts with the collusion of an internal staff/external parties for possible compromise on sensitive data and security system of the bank by using international mobile equipment identity 14984244, IP address 84252.113.3 & 88 transaction, thereby conferred economic benefits on yourselves by converting the money in question to your own use against the Sterling Bank Plc and thereby committed an offence contrary to and punishable under Section 14(1) of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 as Amended in 2024.

“That you Victor Nwabueze Ogochukwu ‘m’, Favour Odey ‘f, Adekunle Daniel ‘m’, Akachukwu Alagbogu and others now at large, sometimes on the 3rd & 4th November 2024, in Lagos State, in the aforementioned Judicial Division of Federal High Court, Lagos, did directly or indirectly converts or transfers, retains or takes possession or control of funds belonging to Sterling Bank Plc, knowingly or reasonably ought to have known that such funds is, or forms part of the proceeds of an unlawful Act and thereby committed an offence contrary to Section 18(2)(b) & (d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

While they pleaded not guilty, the prosecution opposed bail, citing the defendants’ potential flight risk.

Justice Lewis-Allagoa eventually granted bail at N50 million each, with one surety who must own landed property within the court’s jurisdiction.

Pending bail fulfillment, the accused were remanded in custody.

The case is adjourned to March 13, 2025, for trial.

Authorities continue to investigate other suspects believed to be at large.

The shareholders of Arik Air, an indigenous airline currently under the control of the Asset Management Corporation of Nigeria, have debunked claims that the debt accruable to the airline’s owner, Johnson Arumem-Ikhide, has risen to N455bn.

The shareholders, through a statement signed by their representative, Godwin Aideloje, described as fallacy the debt record of AMCON against Arik founder.

Earlier, AMCON, through its Head of Corporate Communication, Jude Nwauzor, said the total debt of Arumem-Ikhide was N455.17bn as of December 31, 2024, in all his three investments.

AMCON also said that its intervention in the troubled airline in February 2017 saved the carrier from liquidation, insisting that it would ensure the recovery of the total debts owed to the corporation by various business organisations in Arik Air.

Giving the breakdown of the total debt, Nwauzor alleged that Arik as of December 2024 owed AMCON N227.6bn; Rockson Engineering, N163.5bn, while Ojemai Farms owed the corporation another N14bn, totaling N455bn.

Reacting to this, Arik shareholders refused to comment on the matter saying it was currently before the court.

“This is a matter before the court. Unlike AMCON who have no respect for the courts, we will not resort to subjudical remarks. We will not join the desperate attempt by AMCON to overreach the courts and desecrate our justice system.

“The fictitious claim of N455bn as alleged Arik Air indebtedness to AMCON by Mr Jude Nwauzor is a fallacy. It seems clear that AMCON is invested in dubious storytelling and falsehoods.

This allegation is defeated by AMCON’s claim in its Suit No. FHC/L/CS/175/17 with which it took Arik Air into receivership and gained full control and management of operations, assets, and liabilities of the airline,” they stated in the statement.

The shareholders recalled a Federal High Court judgement of March 31, 2023, ordering AMCON and its Receiver Manager to file a statement of affairs and audited financial reports with the Corporate Affairs Commission to balance and compare the books, Aideloje said AMCON refused to appear before a Financial Reporting Council to defend it positions.

The shareholders said rather than appear before the reporting council, AMCON uploaded the audited account of the business(es) on the Arik Air website, a document the shareholders have also dismissed.

During the press briefing, the Head of Corporate Communication at AMCON said considering the state of Arik Air’s insolvency at the takeover time, the airline would have been sold in its entity if not for the intervention of the Federal Government which directed that the airline should be managed.

But in the shareholders’ reaction, Aideloje stressed that “It is instructive to note the new version of the reason why AMCON took over Arik is a government mandate. What a preposterous statement from a Federal Government employee! This is a gross misrepresentation of the Federal Government as being in the business of arbitrary takeover of private businesses with a stroke of pen. This is indeed a disservice to the government and people of Nigeria by AMCON.

“We wish to state again that before the forceful takeover, Arik Air was recognized for its operational excellence and significant contributions to Nigeria’s aviation sector. Contrary to AMCON’s claims, the airline was meeting its financial obligations, as evidenced by remarks and recognition by global institutions; recently Afreximbank acknowledged legacy Arik as a model in Africa at a just-concluded International Aircraft Leasing and Finance Conference in Ireland Dublin a few days ago.”

A former Group Managing Director of First Bank, Dr. Bisi Onasanya has dismissed allegations circulating on social media, suggesting his involvement in a purported commercial loan facility transaction controversy carried out 12 years ago at First Bank.

In a statement released to the press over the weekend, Onasanya, who spoke through his Communication Advisor, Mr. Michael Osunnuyi, described the claims as baseless and an attempt to tarnish the stellar reputation of the renowned retired banker and Chartered accountant.

“Our attention has been drawn to allegations and charge sheet circulating on social media suggesting Dr. Bisi Onasanya’s involvement in a purported commercial loan controversy at First Bank 12 years ago,” Osunnuyi said.

“While we have consistently chosen to ignore such baseless attacks for over ten years, the growing concern expressed by family, friends, and associates from across the globe compels us to address these unfounded claims.”

The Communication Advisor said that Dr. Onasanya served First Bank with dedication and integrity throughout his illustrious career.

“His stellar reputation of integrity, built over four decades of impeccable professional service, cannot and will not be tarnished by these false allegations and incorrect charges,” the statement noted.

According to the statement, the matter in question was investigated eight years ago by the Economic and Financial Crimes Commission, EFCC two years after Dr. Onasanya had voluntarily and meritoriously retired from the bank as the group managing director upon the completion of two terms in office. Since then, Dr. Onasanya has not been contacted on this matter and has remained willing to support and cooperate with the law enforcement if required.

“What is baffling,” the statement continued, “is that a commercial transaction which occurred in 2013 and was thoroughly investigated eight years ago, where Dr. Onasanya established his innocence and non-involvement in the commercial transaction controversy, has now resurfaced in 2025 in the form of criminal prosecution. This is beyond his imagination.”

It also noted that, to date, Dr. Onasanya has not been served with any charges, summoned, or formerly invited by any court or investigating agency regarding these claims since the matter was investigated and dispensed eight years ago.

However, he stated categorically that Dr. Onasanya is readily available anytime in Nigeria to have his day in court whenever he is summoned to defend his reputation and clear his name.

Osunnuyi further pointed out that the allegations appear to follow a deliberate pattern every year with identical language and content being disseminated across multiple media platforms. He urged the media to exercise caution and verify information before publication, stressing the serious implications of libel.

“We have noticed a pattern of identical language and content being circulated across various media platforms, suggesting a deliberate attempt to manipulate public perception. It looks more like a hatchet job by some unscrupulous people to continue to malign and tarnish the image of Dr. Onasanya. We strongly appeal to the media to verify the information they disseminate and act responsibly,” Osunnuyi added.

“Since voluntarily leaving First Bank and the banking industry in 2015, he has endured and ignored incessant and unwarranted attacks on his person,” Osunnuyi said.

“These persistent efforts to malign his character are deeply regrettable and baseless.”

The statement also clarified that Dr. Onasanya has never expressed interest in which person or group of persons in charge of the control or ownership of First Bank or any other financial institution, for that matter. Instead, he has moved on from banking and remained committed to making a positive impact in people’s lives and other sectors of the economy.

Dr. Onasanya expressed gratitude for the support of his family, friends, and associates, whose belief in his integrity has been a source of strength. He assured them that he remains focused on upholding the values and principles that have defined his career and life over the years and he would leave no stone unturned to defend his reputation and expose the truth regardless of whose ox is gored.

“We are confident that the truth will ultimately prevail and that justice will be served. Dr. Onasanya remains committed to upholding his unblemished record and will continue to cooperate fully within the ambit of the law to clear his name,” the statement concluded.