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

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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“We immediately went into our system and discovered that, the sum of N900 million had been withdrawn from various customers’ accounts.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.

Aviation

No plane crashed in Lagos – FAAN, NEMA

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Two government agencies, the Federal Airports Authority of Nigeria and National Emergency Management Agency, have dismissed reports of a fresh plane crash in the Ikeja area of Lagos.

An internet user who saw a plane being towed away had sent the picture to the social media, concluding that it was the wreckage of a fresh plane crash in Lagos.

The aircraft, which had missing wings, was spotted on Ikeja-Agege road, causing gridlock along the route on Tuesday as the news went viral on the social media.

But FAAN in a terse statement posted on its social media handles, said Nigerians should disregard the news.

It stated, “The Federal Airports Authority of Nigeria would like to inform the general public to disregard the news making the rounds on social media about an alleged crash at Ikeja Airport.

“The aircraft was sold by the owner to a buyer, who was taking it to its final destination.”

Also, Ibrahim Farinloye, the zonal coordinator, South-West, NEMA, said after due consultations with all critical stakeholders and tracking of all incoming and outgoing flights in Lagos, there was no plane.

An aviation analyst, Daniel Dikio, had also tweeted his observation of the viral video.

“It is an Airbus A319, hasn’t flown domestically in years. I can see traces of a green logo; it likely belonged to First Nation Airways in its time.

“The wings are separated cleanly; this wouldn’t happen in a crash. The separation is a sign of dismantling.

“There is no damage to the fuselage, almost impossible given the purported circumstances”, Dikio noted.

 

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Business

FG targets 1.4mbpd domestic refining before 2027

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Minister of State for Petroleum Resources, Chief Timipre Sylva

The Federal Government has disclosed plans to actualise 1.4 million barrels per day, mbpd, domestic refining of crude oil in the next five years.

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Nigeria’s GDP grew by 3.11% in Q1 – NBS report

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The National Bureau of Statistics has said the nation’s gross domestic product (GDP) grew by 3.11 per cent in the first quarter of 2022.

The NBS said this on Monday in its new Gross Domestic Product Report, showing the sixth consecutive quarter of positive growth.

It stated the first quarter 2022 growth rate further represented gradual economic stability due to strong growth posted by the non-oil sector.

Part of the report read, “The Q1 2022 growth rate was higher than the 0.51% growth rate recorded in Q1 2021 by 2.60% points and lower than 3.98% recorded in Q4 2021 by 0.88% points. “Nevertheless, quarter-on-quarter, real GDP grew at -14.66% in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter.

“In the quarter under review, aggregate GDP stood at N45,317,823.33 million in nominal terms.

“This performance is higher when compared to the first quarter of 2021, which recorded aggregate GDP of N40,014,482.74 million, indicating a year-on-year nominal growth rate of 13.25%.

“The nominal GDP growth rate in Q1 2022 was higher relative to the 12.25% growth recorded in the first quarter of 2021 and higher compared to the 13.11% growth recorded in the preceding quarter.”

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