A staggering N1.1 billion has reportedly been stolen from unsuspecting Nigerians after an alleged cybercriminal, Sunday Ozimede, infiltrated the Moniepoint payment platform through a sophisticated dark web operation.
This shocking revelation came to light on Friday when the Lagos Police Special Fraud Unit (PSFU) announced Mr. Ozimede’s arraignment at the Federal High Court in Lagos.
Prosecutor Justin Enang accused Mr. Ozimede of orchestrating a calculated conspiracy that resulted in the illegal acquisition of N945.7 million through deceitful means. It is further alleged that he implanted a malicious bug into Moniepoint’s data system, causing an additional financial loss of N145 million to the microfinance bank.
The charges brought against Mr. Ozimede fall under sections of the Cyber Crimes Act of 2015, recently amended in 2024, as well as the Money Laundering (Prevention and Prohibition) Act of 2022. According to the prosecution, these crimes violate laws that strictly prohibit electronic fraud and money laundering activities, with severe penalties for offenders.
Despite the weight of the allegations, Mr. Ozimede maintained his innocence, pleading not guilty to all charges during the court proceedings. Justice Ambrose Lewis-Allagoa presided over the session, ultimately granting Mr. Ozimede bail in the sum of N50 million. The bail terms include the provision of a surety who must own landed property, underscoring the seriousness of the accusations.
The incident has sent shockwaves across Nigeria, raising concerns about the vulnerability of digital payment platforms and the growing threat of cybercrime in the country. Moniepoint, a widely used payment service, now faces heightened scrutiny as authorities investigate how such a significant breach occurred.
As Nigerians grapple with the financial loss and seek answers, this case serves as a stark reminder of the ever-present risks in the digital financial ecosystem. For now, all eyes remain on the ongoing legal proceedings, with many hoping that justice will be served and measures put in place to prevent future breaches of this magnitude.
