Stanbic IBTC Bank has launched a nationwide hunt for cybercriminals after losing N576,664,517 in a sophisticated security breach.
The stolen funds, linked to fraudulent transactions across 450 accounts in 37 financial institutions, prompted the Police Special Fraud Unit (PSFU) in Lagos to secure a Federal High Court order freezing suspect accounts.
Key Details of the Cyber Fraud Case
The breach, reported to the PSFU in Ikoyi, saw cybercriminals infiltrate Stanbic IBTC’s systems and channel stolen funds into accounts at fintech firms, microfinance banks, and commercial banks.
Investigators traced the money to a network of individuals and businesses, triggering a February 11 ex-parte motion (FHC/L/MISC/130/2025) to block withdrawals and arrest suspects.
Justice Alexander Oluseyi Owoeye of the Lagos Federal High Court granted a 90-day freeze on the accounts, mandating banks to:
- Place a “post-no-debit” restriction on flagged accounts.
- Arrest anyone operating the accounts on sight.
- Release suspects’ bank details, including BVN, transaction history, and contact information.
- Reverse remaining funds to Stanbic IBTC’s designated recovery account.
Stanbic IBTC Bank Loses N576m In Cyber Heist
Innocent Victims Caught in the Crossfire
Among those affected is Ogundele Taofeek, a cryptocurrency trader who received N14.1 million from a client later linked to the fraud.
Taofeek claims the January 29 transaction with Barnabas Nnabuike Ngwu (a Parallex and Zenith Bank customer) was legitimate but awoke to frozen Kuda and OPay accounts hours later.
“I provided transaction proofs, a police report, and business documents, but my funds remain seized,” Taofeek told FIJ. “I’ve hired a lawyer to clear my name. This has devastated my livelihood.”
Stanbic IBTC Bank Loses N576m In Cyber Heist
Kuda Bank cited a court order from Stanbic IBTC demanding reversals, while OPay’s marketing head, Adeyemi Adekunle, pledged to “engage the team” for resolution.
Next Steps in the Investigation
The PSFU, led by spokesperson Ovie Kenneth, continues its probe, with a progress report due in court on May 28. Meanwhile, financial institutions must comply with:
Submitting certified account documents.
Arresting suspects on premises.
Transferring residual funds to Stanbic IBTC’s recovery account (No. 9200026167).
Implications for Nigeria’s Financial Sector
This incident highlights vulnerabilities in Nigeria’s banking security infrastructure and raises concerns about innocent customers entangled in fraud disputes.
Legal experts warn that swift due process is critical to balancing fraud prevention with customer rights.
Stanbic IBTC Bank has yet to comment publicly, but sources confirm internal audits are ongoing.