Man hacks into the server of a Nigerian bank, steals N1.87 billion

A 38-year-old Nigerian man, Salau Abdulmalik Femi has been arrested after he allegedly hacked into the server of a bank to steal N1.87 billion.

Femi who was arrested by detectives from the Special Fraud Unit (SFU) of the Nigeria Police Force (NPF) is said to be the kingpin of a syndicate that specializes in hacking into the servers of banks and corporate agencies.

He was arrested after he allegedly hacked the Flex-Cube Universal Banking System (FCUBS) of a first-generation bank.

The spokesman of the Special Fraud Unt, Ikoyi, Lagos, DSP Eyitayo Johnson, in a statement, disclosed that the suspect created fictitious credits totalling N1.87bn on the accounts of three of the bank’s customers, using application software.

Johnson revealed the suspect successfully consummated debits (outflows) amounting to N417.5m through internet banking transfers to other banks.

According to him, the unit while acting swiftly on a petition from the bank contacted the Central Bank of Nigeria (CBN) and the deposit money banks which customers were beneficiaries of the fraudulent funds and that in the process was able to salvage a substantial amount.

“Items recovered from the suspect include an Apple laptop and an iPhone. He and operators of some Bureau De Change (BDC) who used to launder the monies will be charged to court as soon as investigation is concluded,” he said.