Nigerian man accused of hacking a bank computer to steal $340 million

Photo by trustieee, 123rf.com

Most people tend to believe that their money is safe when they put it in the bank; but, this may not be the case anymore. According to authorities, a Nigerian man named Stephen Omaidu has been arraigned for allegedly hacking into the server of a second generation bank. Omaidu is believed to have transferred a large sum of sixty-eight billion, and twenty eight million naira (Nigerian currency) into his personal accounts.

Stephen Omaidu is facing a two count charge bordering on theft to the degree of N68, 028,000,000.00 before a High Court in Jabi, Abuja. This type of offense is punishable under section 287 of the Penal Code Act. Stephen has pleaded “not guilty”. A specific date for the trial to commence is currently being decided.

Will Stephen Omaidu be found guilty?

The dirty money game of hacking banks is not something new. Similar cases have occurred such as the one in 2014 where a Nigerian IT worker was on the run after a fourty-million dollar heist.

Following Stephen’s not guilty plea, the defense counsel Gabriel O. Sanifu urged the court to set a bail. The court objected to this under the premises that the accused had failed to honor the administrative bail terms that were granted to him earlier by the Commission. The court stated that the accused could, if released, do the same act again if not reprimanded in court. Justice Nasir has ordered Stephen’s to be held in custody and has adjourned the case to April 28, 2015 to decide the ruling on the bail application.

Have a safe (hack-free) day!