N2.5bn Fraud: Court Jails Union Bank Hackers

July 4, 2020
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The Economic and Financial Crimes Commission, EFCC, Lagos Zonal office, has secured the conviction of one Abass Mohammed and a  Bureau De Change, (BDC) operator, Ibrahim Saidu Jogal, who connived to hack into the Flexcube database of Union Bank and defrauded the bank of N2,550,000,000. EFCC spokesperson, Dele Oyewale, said the commission received a petition alleging that fraudsters had hacked into the bank’s database and diverted the sum of N2,550,000,000. He explained that investigation into the petition revealed that the said money was fraudulently credited into the accounts of mostly BDC operators, including one Jaxmine BDC, Gona BDC and Great Well Communication. It was further revealed that Mohammed sourced for the account details of Jaxmine BDC from one of his friends, Lawal Ubah, who was a signatory to the account, and subsequently gave the details to one Salisu Liman (aka Zico), the ring leader of the syndicate.

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