Massive Cyberattack on Nigerian Banks: Over 1000 Customers Targeted, Millions of Nairas Stolen by Arrested Fraudsters”

In a significant incident, hackers have inflicted a severe blow on more than 1000 Nigerian bank customers. The fraudsters, who have since been apprehended, executed a sophisticated scheme that resulted in the theft of millions of nairas from unsuspecting customers through BVN-linked numbers.

The Nigerian police have confirmed that the arrested individuals are part of a widespread criminal syndicate operating across multiple regions of Nigeria. This cyberattack marks a troubling development in the ongoing battle against cybercrime in the country.

The Nigeria Police Force (NPF) has officially confirmed the arrest of two suspects believed to be part of a criminal syndicate responsible for unauthorized access to over 1000 bank accounts in Nigeria. SP Hauwa Idris-Adamu, the spokesperson for Zone 2 Police Command in Lagos State, released a statement providing details about the arrests.

The arrests come in response to an alarm raised by the Nigerian Deposit Insurance Corporation (NDIC) regarding the increasing number of bank fraud cases in the country. Additionally, in May 2023, the Central Bank of Nigeria (CBN) placed 7,552 account holders on the Bank Verification Number (BVN) watch list for engaging in fraudulent activities.

According to Idris-Adamu, the two suspects, Yusuf Ademola (aged 40) and Adesina Abiodun (aged 50), who possess hacking expertise related to Nigerian banks, were apprehended at a hidden location in Ijebu Ode, Ogun State. The arrest was made following a petition filed by a tier-1 Nigerian bank. The Guardian reported the details of the suspects’ identification.
The investigation was initiated based on a petition filed by the United Bank for Africa on May 8, 2023, which reported the activities of criminal syndicates involved in internet fraud targeting various banks in Nigeria. The Zonal Monitoring Unit, under the guidance of the Assistant Inspector General of Police, conducted the investigation using advanced technology.

The suspects, Yusuf Ademola and Adesina Abiodun, confessed to their involvement in the crime. They revealed that they were part of a larger syndicate operating throughout Nigeria and that they used software to hack into customers’ accounts, allowing them to transfer funds undetected from any bank. Their modus operandi involved having access to customers’ BVN-linked phone numbers and bank alerts for easy money transfer. Over 1000 customers’ accounts were compromised and defrauded across the country.

Further investigation revealed that the syndicate members originated from different regions in Nigeria. The police spokesperson emphasized the ongoing efforts to apprehend all individuals associated with these criminal activities.