Man hacks Moniepoint, steals 1.1bn Naira

A 43-year-old man, Sunday Ozimede, has been arraigned before the Federal High Court in Lagos State for allegedly hacking into Moniepoint Microfinance Bank’s vault and stealing N1.1 billion.

Ozimede is facing three counts of conspiracy, hacking, and obtaining by false pretence, preferred against him by the Police Special Fraud Unit.

According to the prosecution counsel, Justine Enang, Ozimede allegedly hacked into the bank’s system and stole N945,728,076 by false pretence.

He also caused a financial loss of N145 million to the bank by planting a bug in their data system.

Ozimede and others at large allegedly conspired to commit the offences in May 2024.

The defendant pleaded not guilty to the charges, and his lawyer, Abdulmalik Ibrahim, applied for bail.

However, the prosecutor opposed the bail application, citing Ozimede as a flight risk.

Presiding judge, Justice Ambrose Lewis-Allagoa, granted the defendant bail in the sum of N50 million with one surety in like sum.

The case was adjourned to March 13, 2025, for trial.

Ozimede’s alleged hacking and theft have raised concerns about the security of financial institutions in Nigeria.

Moniepoint

Moniepoint is a Nigerian fintech company that provides a range of financial services, including microfinance banking, mobile payments, and other digital financial solutions.

Moniepoint was founded in 2019 by a team of experienced fintech professionals. The company is headquartered in Lagos, Nigeria.

Moniepoint offers mobile banking services, allowing customers to access their accounts, check balances, and perform transactions using their mobile phones.

The company also provides microfinance loans to individuals and small businesses, providing access to credit for those who may not have access to traditional banking services.

In addition, Moniepoint offers savings accounts, allowing customers to save money and earn interest.

The company also enables customers to pay bills, such as electricity, water, and internet bills, using their mobile phones.

Airtime top-ups and money transfers are also available, allowing customers to transfer money to other Moniepoint users, as well as to users of other banks and financial institutions.

Moniepoint has partnered with various organizations, including banks, telecommunications companies, and other fintech companies, to expand its reach and services.

The company is licensed by the Central Bank of Nigeria and is a member of the Nigerian Interbank Settlement System.

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