By Ayomide Otitoju
The Lagos Police Special Fraud Unit (PSFU) on Friday arraigned a defendant, Mr. Ozimede, before the Federal High Court in Lagos over alleged cyber fraud resulting in losses of over ₦1.09 billion to Moniepoint Microfinance Bank.
The PSFU prosecutor, Justin Enang, told the court that Mr. Ozimede is accused of breaching Moniepoint’s data system through a dark web operation. The prosecution alleged that the defendant planted a bug in the platform’s system, causing a direct financial loss of ₦145 million. An additional ₦945.7 million was reportedly siphoned through fraudulent schemes linked to the operation.
According to the prosecution, Mr. Ozimede’s actions contravened several provisions of Nigerian law, including sections 27(i)(b) and 14 of the Cyber Crimes (Prohibition, Prevention, etc.) Act, 2015 (as amended in 2024), as well as sections 18(2)(b) and (d) of the Money Laundering (Prevention and Prohibition) Act, 2022. The alleged offences carry penalties under section 18(3) of the Money Laundering Act.
During the court proceedings, Mr. Ozimede pleaded not guilty to the charges.
Justice Ambrose Lewis-Allagoa, who presided over the case, granted the defendant bail in the sum of ₦50 million. As part of the bail conditions, Mr. Ozimede is required to provide one surety who owns a landed property.
The case has been adjourned to a later date for further proceedings.
