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France-Based Nigerian Travels To Lagos, Leads Cyber-Attacks On 10 Banks

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The Police Special Fraud Unit (PSFU) in Lagos State on Wednesday said it arrested three suspects for allegedly attempting cyberattacks on 10 banks in the state.

SP Eyitayo Johnson, the spokesperson for the unit, in a statement, said the Commissioner of Police, PSFU, Nneka Anyasinti, while acting on intelligence received from a leading new generation bank, on March 30, 2022, arrested the suspects.

Johnson said the suspects were in the final stages of recruiting a worker from the information and technology department of one of the banks in order to perfect the hacking of the banks’ network/posting application with the intent to pull out huge sums of money.

He noted that the suspects were arrested with incriminating exhibits during a meeting held with the bank worker they attempted to recruit, adding that the fourth suspect, Chibuzor Holland, who flew into the country from France specifically for the operation, escaped.

He said, “The arrested members of the syndicate include Kehinde Oladimeji, 52, the mastermind; Olanrewaju Adeshina, 47; and Kolapo Abiodun, 42. Kolapo Abiodun is an ex-staff of the bank attached to the infotech department. He contacted and attempted to recruit a current worker of the bank’s infotech department with an offer of N200m and a visa out of Nigeria.

“The worker was asked to leave critical gateways open on the bank’s server for the syndicate to gain unauthorized access into the network and move money out using Python application and Zoom. After the arrests, forensic analysis of phones and electronic devices found in their possession disclosed a list of 10 other banks already earmarked to be hacked using a similar method once the first attack is successful.

“Operatives also discovered personal and corporate bank account details in the possession of the syndicate which they ought not to have. The case, charge no. FHC/L/238C/2022, is currently being prosecuted before Honourable Justice P.O. Lifu of the Federal High Court, Lagos Judicial Division, while effort is in top gear to apprehend Chibuzor Holland.”

In a related development, the police unit confirmed the arrest of the Managing Director of Beedel Strategic Investment Co. Nigeria Limited, Moses Odeleye, over a fraud of N816m.

The PSFU spokesperson, Johnson, said a discrete investigation by the unit’s operatives led to Odeleye’s arrest on May 24, 2022.

He noted that Odeleye was arrested in connection with the forgery of 11 local purchase orders of five multinational companies operating in Nigeria and one agency of the Federal Government.

Johnson stated that the suspect (Odeleye) paraded himself on social media as a successful contractor with an interest in civil engineering, construction, real estate and supply, and importation of heavy engineering equipment.

He said, “Beedel (Odeleye), as the suspect is popularly known, operates in connivance with former and current procurement staff of the companies whose LPOs were used to perpetuate the fraud.

“He forged the LPOs of these companies/government agencies and approached numerous banks and investment companies with proposals to finance the LPOs, which he cleverly tenured to be paid between 30 and 60 days so as to make the LPO financing appear juicy.

“The suspect, using this modus operandi, was able to fraudulently obtain the sum of N816m from two finance companies and diverted same to fund extravagant lifestyles, which includes building a mansion, office complex, and purchase of exotic automobiles.

“Investigation revealed that for over eight years, Beedel mastered the art of using cloned LPOs to consecutively secure huge sums via LPO financing from different banks/finance companies, while using monies from one bank/finance company to settle his commitments to another bank/finance company, to maintain the fraudulent cycle of robbing Peter to pay Paul.

“Beedel circumvented due diligence done by some of the banks/finance companies with the inputs of procurement staff of the companies whose LPOs were forged. These procurement staff conspired with the suspect to confirm invalid LPOs to third parties. The suspect will be charged to court as soon as the investigation is concluded.”

Meanwhile, Johnson said on April 15, 2022, the police unit was alerted to the risk and possible hack of the server of a non-interest financial institution located in Lagos State.

He said an investigation by operatives attached to the Banking and Informal Financial Fraud Section of the PSFU revealed that between 3.45 am and 4.55 am on March 9, 2022, there was an unauthorized modification of the profile of certain key staffers of the bank, which was done remotely.

“Investigation is ongoing to identify the persons responsible for the hack, while some of the staff initially alleged, have been exonerated,” he added.

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JUST IN: CBN Increases Banks Capital Base To N500bn, N200bn For National Commercial Banks

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The capital basis for commercial banks with international permission has been raised to N500 billion by the Central Bank of Nigeria (CBN).

The policy change was confirmed by Mrs. Hakama Sidi Ali, CBN’s acting director of corporate communications. in a declaration.

She added that commercial banks with regional authorization are expected to reach a capital floor of N50 billion, while those with national authority must meet a ceiling of N200 billion.

Announced on Thursday, March 28, 2024, this comprehensive financial reform requires significant increases in banks’ minimum capital bases, which vary depending on the size of the bank.

The latest policy directive specifies that commercial banks with international authorization are now required to shore up their capital base to N500 billion.

In a bid to tighten the financial fabric, the CBN has not overlooked merchant banks, which are now subject to a N50 billion minimum capital requirement.

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Detained Binance Executive Gambaryan Drags EFCC, NSA To Court

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Tigran Gambaryan, the CEO of Binance who is currently in detention, has claimed that he has been violated in his fundamental human rights by the Economic Financial Crimes Commission and Nuhu Ribadu, the National Security Adviser.

Gambaryan, in an originating motion marked: FHC/ABJ/CS/356/24 sought a declaration that his detention and seizure of his international travel passport, contravened Section 35 (1) and (4) of 1999 Constitution.

He urged the court to order the NSA and the EFCC to release him from their custody and return his international travel passport with immediate effect.

Gambaryan also sought an order of perpetual injunction restraining the respondents and their agents from further detaining him in relation to any investigation into or demands from Binance.

He also urged the court to order the respondents to issue a public apology to him.

Gambaryan averred that he was in Nigeria alongside fleeing Nadeem Anjarwalla to honour the invitation of the ONSA and EFCC to discuss issues relating to Binance in Nigeria.

Anjarwalla escaped from the guest house where he and Gambaryan were being held

He argued that he had not committed any offence during the meeting, and neither was he informed in writing of any offence he personally committed in Nigeria at any other time.

“The only reason for his detention is because the government is requesting information from Binance and making demands on the company,” he added.

The fleeing Anjarwalla also filed a similar suit, marked: FHC/ABJ/CS/355/24.

At the proceedings on Thursday, T.J. Krukrubo (SAN) appeared for the plaintiffs, while the respondents had no representation.

Krukrubo informed the court that the respondents were served two days ago.

Shortly after that, he announced to the court that he was withdrawing from the matter as counsel for the fleeing Anjarwalla.

He did not give reasons for his withdrawal.

The trial judge, Justice Inyang Ekwo, adjourned the matter till April 8.

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Federal Government To Arraign Binance Executives Over ‘Tax Evasion’ On April 4

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On April 4, the federal authorities will file charges against senior executives of the cryptocurrency company Binance, Tigran Gambaryan, and Nadeem Anjarwalla, for allegedly engaging in “tax evasion.”

Anjarwalla is Binance’s regional manager for Africa, while Gambaryan oversees the company’s compliance with financial crimes.

The Federal Inland Revenue Service (FIRS) charged Binance with a crime on March 25th for “tax evasion.”

The service claims that the action is intended to maintain national economic integrity and fiscal discipline.

The lawsuit, designated as suit number FHC/ABJ/CR/115/2024, is said to “implicate Binance with a four-count tax evasion accusation”.

However, on Thursday, NAN reported the federal government will charge the three defendants before Emeka Nwite, the presiding judge, at the federal high court (FHC) in Abuja on a four-count charge.

Despite not being a vacation judge, according to the report, the chief judge granted the fiat for the judge to oversee the case during vacation because it is a matter of critical national interest.

The lawsuit comes a month after Anjarwalla and Gambaryan were detained by the Nigerian authorities.

Anjarwalla and Gambaryan had flown into Nigeria but had their passports seized by ONSA.

On March 12, Anjarwalla was transferred to a local hospital after he fell ill while in detention in Nigeria.

However, on March 25, Anjarwalla escaped from custody and fled Nigeria with a smuggled passport.

Meanwhile, Gambaryan, on March 28, sued Nuhu Ribadu, the national security adviser (NSA) and the Economic Financial Crimes Commission (EFCC), alleging violation of his fundamental rights.

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