How MTN, MultiChoice bank accounts were hacked, by FCMB worker – Newstrends
Connect with us

Business

How MTN, MultiChoice bank accounts were hacked, by FCMB worker

Published

on

An Ikeja Special Offences Court, Lagos heard how seven men allegedly hacked and withdrew the sum of N900 million from First City Monument Bank (FCMB), belonging to several of its customers.

The Economic and Financial Crime Commission (EFCC) witness, an employee of FCMB, Olayinka Olaleye, while being led in evidence by the EFCC Lawyer, Benedict Chima Benneth, narrated to the court how the seven accused men allegedly committed the offences sometime in March 2018, in Lagos.
His narration: “We received a call from one of our customers, Eko Hotel, reporting an unauthorised debit of N300, 000 from their account.”

“We immediately went into our system and discovered that, the sum of N900 million had been withdrawn from various customers’ accounts. It was also discovered that these suspects’ accounts, received huge sums of money.”

“When we investigated further, we discovered that these suspects viewed the accounts of top customers like MTN, Multichoice, one account of Rivers State Government and Eko Hotel.”

“They gained unauthorised access into the system of FCMB, they conspired together and deleted information, and hacked into the password of some users in the bank to increase transaction limits on the corporate accounts, increase the transaction amount, and they increased the transaction frequencies and linked their ATM cards into these corporate accounts I earlier mentioned, thereby effecting online transfers from those corporate accounts into their own accounts.”

However, during cross-examination by the 1st and 2nd defence counsel, Lekan Egbereoungbe, when asked how the suspects gained unauthorised access, the bank worker who has been working with bank for six years said, “The bank has its application called FINACLE. It is hosted centrally upon which any person that wants to access it, is given a right in relation to his duty. Rights differ from person to person. There is what we call penetration; there is a way that our ‘SO Called Software’, can be penetrated”.
The commission alleged that the seven defendants did steal by authorised transfers and withdrawals from various FCMB points nationwide, the sum of N900 million, property of the owners of and various customers of FCMB, from their account to various accounts outside the bank via POS and ATM.

Justice Oluwatoyin Taiwo adjourned the case to the 21st October, 2020 for continuation of the trial.

Auto

Jetour to showcase full SUV line-up, hybrid vehicles at 2025 Abuja motor fair

Published

on

Jetour to showcase full SUV line-up, hybrid vehicles at 2025 Abuja motor fair

 

Jetour Mobility Services is set to make a strong presence at the 2025 Abuja International Motor Fair, showcasing its full range of Sports Utility Vehicles (SUVs), cutting-edge hybrid models, and customer-focused services.

The brand will display its impressive line-up, such as the Jetour T2, Jetour X70 Plus, Jetour X90 Plus, Jetour X70 Dashing, and Jetour X50, as well as its newly introduced hybrid variants, the X70 Hybrid and T2 Hybrid.

These models combine performance with improved fuel efficiency and reduced emissions, designed with today’s families and adventure-minded drivers in mind, blending advanced technology, comfort, and affordability.

Jetour’s participation underscores its commitment to innovation and customer satisfaction, strengthening its footprint in the SUV and crossover segments.

The company’s steady rise in the Nigerian market has been remarkable, validated by its “Fastest Growing Auto Brand of the Year” award at the 2024 Nigeria Auto Journalists Association (NAJA) Awards.

Jetour Nigeria is also highlighting its robust after-sales service, including genuine spare parts, technical support, and a comprehensive five-year or 150,000-kilometre warranty.

The firm says it looks forward to engaging with customers, showcasing its latest innovations, and reinforcing its position as one of Nigeria’s fastest-rising automotive brands at the fair, scheduled for November 18-21 at the Eagle Square, Abuja.

Continue Reading

Business

Tinubu bows to pressure, stops 15% fuel import duty plan

Published

on

Tinubu bows to pressure, stops 15% fuel import duty plan

 

The Federal Government has shelved its plan to introduce a 15 per cent import duty on petrol and diesel, barely three weeks after President Bola Tinubu approved the tariff proposal.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed the suspension on Thursday in a statement by its Director of Public Affairs, George Ene-Ita, urging Nigerians to avoid panic buying or hoarding of petroleum products.

“It should be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) is no longer in view,” the statement said.

President Tinubu had on October 29 approved the tariff to raise the landing cost of imported fuel, following a proposal by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji.

The duty — calculated on the cost, insurance, and freight (CIF) value of imports — was expected to take effect from November 21, 2025, and was aimed at protecting local refineries such as the Dangote Refinery and modular plants by making imported fuel less competitive.

However, the policy quickly drew public criticism, with energy analysts warning that it could push petrol pump prices up by as much as ₦150 per litre and worsen inflation and transport costs.

NMDPRA said the government decided to suspend implementation after reviewing market realities and the need to stabilise domestic supply and prices.

The Authority also assured that there is no cause for concern over fuel availability, noting that product supply remains “robust and within the acceptable national sufficiency threshold.”

“There is a steady inflow of petroleum products — including PMS, AGO, and LPG — from both local refineries and imports to guarantee adequate stock at depots and retail stations nationwide,” Ene-Ita stated.

He cautioned marketers against hoarding or arbitrary price increases, warning that the regulator would not hesitate to take firm action against any operator involved in anti-market practices.

“The Authority will continue to monitor supply and distribution to prevent disruptions, especially during this peak demand period,” the statement added.

The NMDPRA commended stakeholders in the downstream sector for their cooperation and reaffirmed its commitment to ensuring energy security and stable product supply across the country.

Continue Reading

Auto

BYD unveils ‘Atelier BYD’, creative hub blending innovation, sustainability, lifestyle in Lagos

Published

on

Photo Caption From L-R: HR Business Partner, CFAO Mobility, Mariam Alausa; Sales Associate, Mint Organic Care, Favour Kalu; Sales Manager, BYD Nigeria, Damilola Balogun; Founder/CEO Mint Organic Care, Janada Ajeroh; Marketing Officer, BYD Nigeria, Oluwanisola Akinsanya; and Sales Associate, Mint Organic Care, Destiny Eghoneghon during one of the events inside the BYD showroom, recently

BYD unveils ‘Atelier BYD’, creative hub blending innovation, sustainability, lifestyle in Lagos

 

BYD has introduced an exciting initiative at its brand-new showroom in the heart of Victoria Island, a monthly showcase dedicated to projects that reflect its core values of innovation, sustainability, and lifestyle.

The first edition in October featured PITH Africa, an Afrocentric streetwear brand redefining creative expression for a new generation.
Currently on display until the end of November is Mint Organic Care, a brand that champions eco-conscious living and personal well-being.

For December, a Christmas Pop-Up will spotlight projects such as Clay of Lagos, Kelly Praise, Stitches by Lope, Mostudeo, PITH Africa, and Mint Organic Care.

Upcoming editions will continue to feature innovative projects, each bringing fresh ideas and unique perspectives to enrich this collaborative platform.

BYD Nigeria is the sole and official distributor of BYD electric and hybrid vehicles in Nigeria. The brand is distributed by CFAO Mobility, a leading automotive distributor and subsidiary of the CFAO Group, which has been present in Nigeria for over 120 years.

Continue Reading
HostArmada Affordable Cloud SSD Shared Hosting
HostArmada - Affordable Cloud SSD Web Hosting

Trending