FCMB cyber fraud ₦3.9bn case as EFCC remands suspect over alleged involvement in large-scale digital banking breach affecting customer accounts
First City Monument Bank (FCMB) has reportedly suffered a major digital security breach in which suspected hackers allegedly siphoned approximately ₦3.09 billion from customer accounts, prompting an investigation by the Economic and Financial Crimes Commission (EFCC).
The alleged incident, described as a cyber-enabled fraud, is said to have exploited vulnerabilities within the bank’s digital applications, allowing unauthorized transfers across multiple customer accounts.
The development has raised concerns among investors and customers about the security of digital banking systems.
One of the suspected members of the syndicate, Andrew Odekina, has been arrested and arraigned before Justice Mojisola Dada at the Ikeja Special Offences Court.
He is accused of retaining ₦9.87 million traced to the proceeds of the broader fraud scheme.
According to the EFCC, Odekina and his alleged accomplices retained funds linked to unauthorized electronic transactions carried out within FCMB’s digital infrastructure.
The defendant faces a charge under anti-money laundering provisions for his alleged role in handling illicit proceeds.
During court proceedings, Odekina pleaded not guilty to the charge and appeared without legal representation.
The prosecution, led by Babatunde Sonoiki, urged the court to set a trial timeline and remand the defendant pending the conclusion of the case.
Justice Dada granted the request and ordered that Odekina be remanded in a correctional facility, while adjourning the matter to May 11, 2026, for the commencement of trial proceedings.
The case underscores growing concerns around cybercrime targeting financial institutions in Nigeria, as authorities intensify efforts to trace stolen funds and hold those involved accountable.
The EFCC continues its investigation as further developments are expected in the ongoing proceedings.
