The Federal High Court in Abuja has extended the freezing of 818 bank accounts suspected of being involved in an alleged N10 billion cyberattack on Hope Payment Service Bank.
Justice James Omotosho granted the additional 30-day freezing order on Monday, October 15, 2024, following a motion ex parte filed by the Inspector General of Police’s legal team.
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The case, marked FHC/ABJ/CS/1358/2024, involves James Akagwu Isaac, Akwubo Gosent, and others, including several banks. According to the police, the accounts under investigation are believed to have been used to receive the proceeds of the cybercrime.
A deposed affidavit by Mohammed Idris, a staff member of the Nigeria Police Force Headquarters in Abuja, stated that the investigation was prompted by a report from Hope PSB’s Managing Director, who alleged criminal diversion of funds and conspiracy against one of the defendants. Idris revealed that the cyberattack caused a N10 billion loss to the bank.
In July, Hope PSB averted a cyberattack on its banking platform, recovering billions of naira. This event has prompted Nigerian banks to upgrade their core banking platforms to strengthen cybersecurity measures. However, these upgrades have caused disruptions for customers, particularly in rural areas.
Both Access Bank and Guaranty Trust Bank (GTBank) recently announced IT upgrades that may lead to prolonged service downtimes. GTBank informed its customers that they would be unable to access digital channels for 11 hours due to a routine system update.
The Central Bank of Nigeria (CBN) has urged banks to invest heavily in cybersecurity to protect depositors’ funds. CBN Governor Olayemi Cardoso emphasized this need during a panel discussion at the Nigeria Economic Summit in Abuja, highlighting the importance of removing barriers to private sector investment.
