Four former staff of Access Bank Plc have been arraigned by the Economic and Financial Crimes Commission (EFCC) for allegedly orchestrating a staggering N5.73 billion cyber fraud, exploiting internal security lapses within the bank’s IT systems.
The suspects—Olajide Ogunmoroti, Michael Igbomina, David Onyeike, and Moses Iruolaje—were brought before the court on multiple counts of conspiracy and unauthorized access to financial data. Investigations by the EFCC revealed that the accused used personal laptops to infiltrate the bank’s server, diverting billions of naira from customer accounts.
Testifying in court, EFCC’s first prosecution witness and current bank employee, Abdulmajeed Agboola, confirmed that the defendants bypassed security firewalls and accessed the bank’s backend infrastructure without authorization. The breach, according to Agboola, was made possible by “weak internal security protocols” and poor system oversight.
The fraud reportedly went undetected for a considerable period, raising serious concerns about the bank’s cybersecurity policies and its ability to safeguard customer funds.
Industry insiders say the magnitude of the theft suggests a broader failure of compliance and oversight within the institution. Regulatory bodies are now under pressure to intensify scrutiny of banks’ digital infrastructure.
Access Bank, while yet to release a formal statement, is facing public criticism over its role in allowing such a massive internal breach. The case has reignited calls for financial institutions to prioritize cybersecurity and strengthen internal control systems.
The matter has been adjourned until May 20, 2025, as the court prepares for a continuation of the trial. Legal observers say the outcome could reshape cybersecurity regulations and reinforce accountability standards across the Nigerian banking industry.
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