How Man Hacked, Stole N1.87 Billion From A Bank

A Nigerian man believed to have hacked into the server of an undisclosed Nigerian bank to steal N1.87 billion has been apprehended. 

The suspect Salau Abdulmalik Femi, 38, was apprehended by detectives from the Special Fraud Unit (SFU) of the Nigeria Police Force (NPF). 

Salau, who was indicted as the brain behind the cartel that specialises in hacking into the servers of banks and corporate agencies, was apprehended after he allegedly hacked the Flex-Cube Universal Banking System (FCUBS) of a first-generation bank.

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

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

He said the unit, acting 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.

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“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,” DSP Johnson said. 

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