Moniepoint Microfinance Bank has been thrust into the spotlight following allegations of a cyberattack that reportedly led to the theft of N1.1 billion by fraudsters. Law enforcement has initiated legal proceedings against the alleged mastermind, Sunday Ozimede, and his accomplices. But Moniepoint has categorically denied the claims, describing them as “false, malicious, and misleading.”
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Allegations Against the Suspect
According to Justin Enang, the prosecutor from the Lagos Police Special Fraud Unit (PSFU), Sunday Ozimede was arraigned before Justice Ambrose Lewis-Allagoa of the Federal High Court, Lagos, on charges of conspiracy and obtaining N945,728,076 through false pretenses.
Key Allegations
- Ozimede allegedly planted a bug in Moniepoint’s data systems, causing a financial loss of N145 million in addition to the N945 million reportedly stolen.
- He has been accused of violating multiple provisions of the Cyber Crimes (Prohibition, Prevention, etc.) Act, 2015, as amended in 2024, and the Money Laundering (Prevention and Prohibition) Act, 2022.
- Specific charges include conspiracy and obtaining money through fraudulent means.
The defendant pleaded not guilty to all charges.
Moniepoint’s Official Statement
In response to the allegations, Moniepoint Microfinance Bank issued a strongly worded statement denying the reports of a security breach.
- Denial of Hack Reports:
“We categorically state that these claims are untrue, and we urge the public to disregard them in their entirety,” the bank said. - Commitment to Digital Security:
Moniepoint emphasized that it maintains the highest standards of cybersecurity and customer fund protection, ensuring that its platforms remain safe for millions of users. - Regulatory Oversight:
The bank reassured customers that its operations are regulated by the Central Bank of Nigeria (CBN) and that deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC). - Financial Strength:
Moniepoint highlighted its strong financial position, noting its parent company’s valuation at over $1 billion and its backing by reputable investors, including Visa, Development Partners International, Google’s Africa Investment Fund, and others. - Cybersecurity Integrity:
“Moniepoint MFB’s cybersecurity systems remain fully secure, providing robust protection against all threats,” the statement added.
Public and Stakeholder Reassurance
Moniepoint further reiterated its commitment to:
- Transparency in operations.
- Collaboration with regulators and stakeholders to foster trust.
- Delivering top-notch financial services guided by stringent industry regulations.
Legal Proceedings and Industry Reactions
While the bank denies the alleged breach, the Federal High Court in Lagos has begun legal proceedings against Sunday Ozimede and his accomplices. The case has raised questions about the vulnerability of digital financial platforms in Nigeria. There are increasing concerns over the need for enhanced cybersecurity measures across the industry.
Industry experts view this incident as a wake-up call for financial institutions to further strengthen their digital infrastructure to prevent potential breaches.
Moniepoint’s Market Confidence
Moniepoint reassured its customers and investors of its continued dedication to financial inclusion and innovation. The bank remains committed to fostering a secure environment for businesses and individuals relying on its services.