France-based Nigerian travels to Lagos, leads cyberattacks on 10 banks – Newstrends
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France-based Nigerian travels to Lagos, leads cyberattacks on 10 banks

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The Police Special Fraud Unit in Lagos State on Wednesday said it arrested three suspects for allegedly attempting cyberattacks on 10 banks in the state.

The spokesperson for the unit, SP Eyitayo Johnson, in a statement, said the Commissioner of Police, PSFU, Nneka Anyasinti, while acting on intelligence received from a leading new generation bank, on March 30, 2022, arrested the suspects.

Johnson said the suspects were in the final stages of recruiting a worker from the information and technology department of one of the banks in order to perfect the hacking of the banks’ network/posting application with the intent to pull out huge sums of money.

He noted that the suspects were arrested with incriminating exhibits during a meeting held with the bank worker they attempted to recruit, adding that the fourth suspect, Chibuzor Holland, who flew into the country from France specifically for the operation, escaped.

He said, “The arrested members of the syndicate include Kehinde Oladimeji, 52, the mastermind; Olanrewaju Adeshina, 47; and Kolapo Abiodun, 42. Kolapo Abiodun is an ex-staff of the bank attached to the infotech department. He contacted and attempted to recruit a current worker of the bank’s infotech department with an offer of N200m and a visa out of Nigeria.

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“The worker was asked to leave critical gateways open on the bank’s server for the syndicate to gain unauthorised access into the network and move money out using Python application and Zoom. After the arrests, forensic analysis of phones and electronic devices found in their possession disclosed a list of 10 other banks already earmarked to be hacked using a similar method once the first attack is successful.

“Operatives also discovered personal and corporate bank account details in the possession of the syndicate which they ought not to have. The case, charge no. FHC/L/238C/2022, is currently being prosecuted before Honourable Justice P.O. Lifu of the Federal High Court, Lagos Judicial Division, while effort is in top gear to apprehend Chibuzor Holland.”

In a related development, the police unit confirmed the arrest of the Managing Director of Beedel Strategic Investment Co. Nigeria Limited, Moses Odeleye, over a fraud of N816m.

The PSFU spokesperson, Johnson, said discrete investigation by the unit’s operatives led to Odeleye’s arrest on May 24, 2022.

He noted that Odeleye was arrested in connection with the forgery of 11 local purchase orders of five multinational companies operating in Nigeria and one agency of the Federal Government.

Johnson stated that the suspect (Odeleye) paraded himself on social media as a successful contractor with interest in civil engineering, construction, real estate and supply, and importation of heavy engineering equipment.

He said, “Beedel (Odeleye), as the suspect is popularly known, operates in connivance with former and current procurement staff of the companies whose LPOs were used to perpetrate  the fraud.

“He forged the LPOs of these companies/government agencies and approached numerous banks and investment companies with proposals to finance the LPOs, which he cleverly tenured to be paid between 30 and 60 days so as to make the LPO financing appear juicy.

“The suspect, using this modus operandi, was able to fraudulently obtain the sum of N816m from two finance companies and diverted same to fund extravagant lifestyles, which includes building a mansion, office complex and purchase of exotic automobiles.

“Investigation revealed that for over eight years, Beedel mastered the art of using cloned LPOs to consecutively secure huge sums via LPO financing from different banks/finance companies, while using monies from one bank/finance company to settle his commitments to another bank/finance company, to maintain the fraudulent cycle of robbing Peter to pay Paul.

“Beedel circumvented due diligence done by some of the banks/finance companies with the inputs of procurement staff of the companies whose LPOs were forged. These procurement staff conspired with the suspect to confirm invalid LPOs to third parties. The suspect will be charged to court as soon as the investigation is concluded.”

Meanwhile, Johnson said on April 15, 2022, the police unit was alerted to the risk and possible hack of the server of a non-interest financial institution located in Lagos State.

He said investigation by operatives attached to the Banking and Informal Financial Fraud Section of the PSFU revealed that between 3.45am and 4.55am on March 9, 2022, there was unauthorised modification of the profile of certain key staffers of the bank, which was done remotely.

“Investigation is ongoing to identify the persons responsible for the hack, while some of the staff initially alleged, have been exonerated,” he added.

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BREAKING: FEC proposes N47.9 trillion budget for 2025 fiscal year

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November 14, 2024

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BREAKING: FEC proposes N47.9 trillion budget for 2025 fiscal year

The federal government has unveiled a proposed budget of N47.9 trillion for the 2025 fiscal year.

Atiku Bagudu, Minister of Budget and Economic Planning, disclosed this to journalists on Thursday following the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu.

Bagudu revealed that the council had approved the Medium-Term Expenditure Framework (MTEF) for 2025-2027.

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According to the minister, the government has pegged the crude oil benchmark at $75 per barrel, with an oil production target of 2.06 million barrels per day (bpd).

The budget also sets the exchange rate at N1,400 per dollar and aims for a gross domestic product (GDP) growth rate of 6.4%.

 

BREAKING: FEC proposes N47.9 trillion budget for 2025 fiscal year

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EFCC arrests ex-NCMB boss over $35m energy project fraud

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16 mins ago

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November 14, 2024

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EFCC arrests ex-NCMB boss over $35m energy project fraud

The Economic and Financial Crimes Commission (EFCC) told FIJ that they have arrested Timber Wabote, the former executive secretary of the Nigerian Content Development and Monitoring Board (NCMB), on the grounds of a failed $35 million Bayelsa refinery project fraud.

Dele Oyewale, the EFCC’s spokesperson, confirmed this to FIJ on Thursday.

“It is true,” Oyewale responded to FIJ’s inquiries.

Wabote is accused of misappropriating public funds for a refinery project that should have improved local energy production.

Vanguard reported that the NCDMB under Wabote paid $35 million to support the development of energy infrastructure in the Brass Local Government Area of Bayelsa, yet there was nothing to show for it.

The EFCC picked Wabote up following the arrest of Akintoye Adeoye Akindele, the Managing Director of Atlantic International Refinery and Petrochemical Limited, for alleged misappropriation, money laundering and diversion of $35 million in public funds.

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“NCDMB under the watch of Wabote allegedly paid the $35 million to Akindele to build a 2,000 barrel per day (BPD), refinery, jetty, gas plant, power plant, data centre and tank farm at Brass free trade zone (FTZ), Okpoama Community in Brass LGA of Bayelsa State,” a source with the EFCC had explained.

Since December 2020 when the payments were made, Akindele abandoned the project with little or nothing to show for the huge sum he received.

Preliminary investigations showed that Wabote’s NCDMB financed 17 different projects, including the 2,000 BPD refinery in Brass LGA.

There has been a series of public fund misappropriation cases in the energy sector in recent times.

FIJ earlier reported that members of the House of Representatives summoned three ministers to defend how over $2 billion was spent on renewable energy with not much to show for it.

A recent FIJ report also recently detailed how residents of Yenagoa, the capital of Bayelsa, have not had power in their homes since July due to the vandalisation of the Ahoada-Yenagoa transmission towers caused by unidentified persons.

The Bayelsa state government told FIJ it was the federal government’s responsibility to provide electricity for residents. The state has no renewable energy options reliable enough to power its capital despite the multi-million-dollar NCMB energy project.

Transparency in the energy sector has become necessary at a time when Nigerians have suffered power instability due to frequent grid collapses.

EFCC arrests ex-NCMB boss over $35m energy project fraud

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Court adjourns Yahaya Bello’s trial till Nov 27

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42 mins ago

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November 14, 2024

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Yahaya Bello

Court adjourns Yahaya Bello’s trial till Nov 27

The Economic and Financial Crimes Commission (EFCC) has requested an adjournment in the new case against the immediate past Governor of Kogi State, Yahaya Bello, stating that the 30-day window for the previously issued summons is still active.

The commission has granted administrative bail to his co-defendants, Umar Oricha and Abdulsalami Hudu, and asked the court for an extension of time for Bello to appear.

At the resumed hearing before Justice Maryann Anenih of the Federal Capital Territory High Court, Abuja, EFCC Counsel Jamiu Agoro noted that the court’s order from October 3rd had not yet expired.

“In that wise, we feel it will not be appropriate for us to take proceedings while that 30 days is still running. So we have discussed and agreed to come back on the 27th day of November, 2024, my lord,” he told the court.

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He also mentioned that the previously set date of November 20th was not convenient for the prosecution counsels.

Counsel to the second defendant, Aliyu Saiki, SAN, confirmed that his client had been granted administrative bail by the prosecution and had no objection to the adjournment request. The third defendant’s counsel, ZE Abass, concurred.

The prosecution counsel also requested the court to allow the notice of hearing to be pasted on the last known address of the first defendant.

After hearing from all counsels, the judge granted the EFCC’s application for adjournment and the issuance of the hearing notice.

“I have considered the application for adjournment by the complainant and issuance of hearing notice and the submission by the second and third defendants. The application is granted,” she said.

Justice Anenih then adjourned the case to November 27th for arraignment.

The former governor, alongside Umar Oricha and Abdulsalami Hudu, are being prosecuted as 1st to 3rd defendants, respectively, in a fresh 16-count charge instituted against them by the EFCC.

Court adjourns Yahaya Bello’s trial till Nov 27

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