Court Grants Bail to Alleged Hackers of Lotus Bank’s Vault

Justice Friday Ogazi of the Federal High Court successful Lagos has granted bail to 3 men arraigned earlier him by the constabulary for allegedly hacking into Lotus Bank and stealing N60,479,480 from its vault.
Justice Ogazi admitted Mohammed Abubakar, Isiyaka Hussein and Musa Mohammed to bail for N30 cardinal each, with 1 surety for a akin sum.

The justice decided to assistance the defendants bail aft the constabulary prosecutor, Yakubu Bello, did not reason the exertion filed by the defence lawyer, I. S. Ishola.

The bail conditions see that the surety indispensable beryllium a landed spot proprietor with valid rubric documents wrong the court’s jurisdiction oregon a civilian servant not beneath Grade Level 12 successful either a Lagos oregon Federal authorities ministry oregon establishment.

The proceedings for the alleged hackers has been adjourned to January 26, 2026.
The defendants were docked earlier the tribunal successful September 2025 by the Police Special Fraud Unit (PSFU) successful Ikoyi, Lagos, implicit a six-count complaint of conspiracy, cybercrime, and the fraudulent removal of N60,479,480 from the slope vault.

Abubakar besides told the tribunal that the defendants, without lawful authority, fraudulently compromised and hacked into Lotus Bank’s halfway banking application, allowing their accomplices to transportation funds from their idiosyncratic accounts without debiting their accounts, amounting to N35,479,480.00.

He besides claimed that without lawful authority, the defendants indirectly modified information held successful Lotus Bank’s halfway banking application, starring to unauthorised transfers from backstage accounts to different accounts.

They allegedly committed the offences alongside others presently astatine ample connected September 17, 2024.

The authoritative told the tribunal that the offences interruption sections 27(b), 14(4), and 16(1) of the Cybercrimes (Prohibition, Prevention, etc.) Act (as amended) 2024, which is punishable nether Section 27(2) of the aforesaid act.

He besides maintained that the offences are contrary to Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022 and punishable nether Section 18(3) of the aforesaid act.

Their alleged crimes besides contravened Section 383(2)(a) of the Criminal Code Act CAP. C38, punishable nether Section 390(9) of the aforesaid act.

The defendants pleaded not blameworthy to the charges numbered FHC/L/768c/2025.