N1.2bn fraud: 6 employees of Sterling Bank stand docked
By Onyewuchi Ojinnaka
Six employees of Sterling Bank Plc was on Friday rearraigned before Justice Ambrose Lewis Allagoa of Federal High Court sitting in Lagos for defrauding the bank to the tune of N1,257,536,572.50.
Following their not guilty plea to the 3-counts amended charge preferred against them by the Police, the judge adjourned the matter to July 18, 2025 for trial. Other further dates fixed for the trial are 15th,16th and 17th of October, 2025 for continuation of trial
The defendants includes Victor Nwabueze Ogochukwu ‘m’, Favour Odey ‘f’, Adekunle Daniel ‘m’, Akachukwu Alagbogu, Oguntade Yetunde ‘f, Nasiru Momoh ‘m’ .
According to the amended charge, the defendants were alleged to have sometimes between the 3rd and 4th of November 2024 suppressed one of the Sterling Bank banking platforms 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 Sterling Bank by using international mobile equipment identity 14984244, IP address 84252.113.3 & 88 transaction.
The defendants were further alleged to have committed internet fraud to the sum of N1,257,536,572.50
When the matter came up for trial on Friday, the police prosecutor Mr Justin Enang from the Police Special Fraud Unit, PSFU, Milverton Ikoyi , Lagos told the Judge that the prosecution has a three count amended charge before the court. He urged the court to order that the charge be read so that the defendants can take their plea to same.
The charge was then read and the defendants pleaded not guilty to same.
Following the not-guilty plea of the defendants, the defence counsel consisting of Oluwafemi Apata, E.S Olupade and I. Awe pleaded with the court to allow the defendants continue on their existing bail. The court obliged their request.
Justice Alagoa thereafter adjourned the matter till 18th July, 2025 for trial, 15,16 and 17 October 2025 for continuation of trial.
The amended charge reads :
That you Victor Nwabueze Ogochukwu ‘m’, Favour Odey ‘f’, Adekunle Daniel ‘m’, Akachukwu Alagbogu, Oguntade Yetunde ‘f, Nasiru Momoh ‘m’ and others now at large, sometimes on the 3rd and 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.
COUNT TWO:
That you Victor Nwabueze Ogochukwu ‘m’, Favour Odey ‘P, Adekunle Daniel ‘m’, Akachukwu Alagbogu, Oguntade Yetunde ‘f’, Nasiru Momoh ‘m’ and others now at large, sometimes on the 3rd and 4th November 2024, in Lagos State, within the aforementioned Judicial Division of the Federal High Court, did knowingly and without authority cause financial loss to Sterling Bank Plc to the tune of N1,257,536,572.50 (One Billion, Two Hundred and Filly 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.
COUNT THREE:
That you Victor Nwabueze Ogochukwu ‘m’, Favour Odey ‘f, Adekunle Daniel ‘m’, Akachukwu Alagbogu, Oguntade Yetunde ‘f, Nasiru Momoh ‘m’ and others now at large, sometimes on the 3rd and 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.
