FCMB Hit by Cyberattack, N3.09 Billion Lost
By Wellington Jopelo
First City Monument Bank (FCMB) has been hit by a massive cyberattack, resulting in the theft of N3.09 billion from customer accounts.
The Economic and Financial Crimes Commission (EFCC) has arrested one of the suspected hackers, Andrew Odekina, in connection with the digital heist.
Odekina was arraigned yesterday before Justice Mojisola Dada of the Ikeja Special Offences Court, Lagos.
He faces charges of receiving and retaining funds linked to the large-scale hacking operation, which investigators say siphoned money from multiple accounts across the bank’s platform.
Specifically, Odekina is accused of holding N9.87 million in his FCMB account in 2025, believed to be part of the stolen N3.09 billion.
The EFCC stated that the offences contravene provisions of the EFCC (Establishment) Act, 2004, and involve complicity with accomplices still at large.
According to the prosecution, the suspect knowingly retained control of funds traced to fraudulent transactions carried out digitally on the bank’s system.
Odekina pleaded not guilty to the charges and appeared in court without legal representation.
The prosecution, led by Babatunde Sonoiki, requested a trial date and urged the court to remand the suspect pending the conclusion of proceedings.
Justice Dada adjourned the case to May 11, 2026, for trial and ordered that Odekina be remanded in a correctional facility until the court hears the matter.