The Federal High Court in Abuja has ordered an additional 30-day freezing of 818 bank accounts being investigated for allegedly receiving proceeds of crime resulting from a N10 billion cyberattack on the Hope Payment Service Bank platform. The order was requested by the Inspector General of Police and granted by Justice James Omotosho on Monday. It follows a motion ex parte filed by the police, marked FHC/ABJ/CS/1358/2024, involving defendants Jarnes Akagwu Isaac, Akwubo Gosent, Shirsha Paul Terver, and 815 others, along with several banks.
The IGP’s legal team argued that the accounts in question received funds obtained through criminal activities, necessitating the freeze for further investigation. An affidavit submitted by Muhammed Idris, a staff member of the Nigeria Police Force, stated that a petition was received from the Managing Director/Chief Financial Officer of Hope Bank reporting a case of fraud, criminal diversion, conversion of funds, and conspiracy against one of the defendants.
Court extends freeze duration
The affidavit details that Hope Payment Service Bank lost N10 billion to the cyberattack. “As a result of the fraudulent activities and cyberattacks on the banking platform of the nominal complainant, they lost the sum of N10,000,000,000.00 (10 billion naira), which has now been transferred/diverted to various accounts of the 1st to 818th defendants/respondents in an attempt to flitter away with the proceeds of crime,” the affidavit states. The IGP further explained that the earlier freezing order, which lasted 14 days, had been submitted to various financial institutions involved, but not all institutions had been notified yet.
In July, it was reported that Hope PSB had thwarted a cyberattack on its banking platform and recovered billions of naira intended to be stolen. The court’s extension of the freezing order highlights the complexities and ongoing nature of such investigations, as well as the critical need for strengthened cybersecurity protocols within financial institutions.
