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How Safe Is Your Money At Sterling Bank?

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… As Staff hack Sterling Bank system, steal depositors’ N1.2bn funds

Sterling Bank Limited and its holding company, Sterling Financial Holdings Company, are currently battling a N1.257, 536, 572. 80 billion depositors’ funds which were stolen from the bank by some of its staff.The Witness gathered that the staff colluded with some fraudsters to hack the bank’s banking platform and stole the said fund.

The suspects, namely Victor Nwabueze (50), Favour Odey (22), Adekunle Daniel (34), Akachukwu Alagbogu, and Yetunde Oguntade (28)—were arraigned by the Police Special Fraud Unit (PSFU), Ikoyi, Lagos, before Justice Ambrose Lewis-Allagoa at the Federal High Court in Lagos on Thursday.The group faced a three-count charge of conspiracy, hacking, and money laundering under the Cybercrimes Act and Money Laundering Prohibition Act.The prosecutor, Barrister Justine Enang, alleges that the suspects, in collaboration with internal staff of Sterling Bank, breached sensitive systems between November 3 and 4, 2024, using compromised data, including IP addresses and mobile equipment identities – 14984244, IP address 84252.113.3 & 88 transaction., to transfer funds to fraudulent accounts.He informed the court that the alleged acts of the defendants contravened sections 27(1)(b); 14(1) of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 as amended in 2024, Read along with section 14(1) of the same Act.Enang also told the court that the defendants’ act was contrary to and punishable under Section 18(2)(b) & (d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.The Charges Against The Defendants Read: “That you Victor Nwabueze Ogochukwy “m”, Favour Odey “f’, Adekunle Daniel “m”, Akachukwu Alagbogu and others now at large, sometimes on the 3rd & 4th November 2024, in Lagos State, within the jurisdiction of the Judicial Division of The Federal High Court, with intent to defraud, did conspire amongst yourselves to commit a felony to wit: internet fraud to the sum of N1, 257, 536, 572.50 (One Billion, Two Hundred and Fifty Seven Million, Five Hundred and Thirty Six Thousand, Five Hundred and Seventy Two Naira, Fifty Kobo) by false pretence and thereby committed an offence contrary to section 27(1)(b) of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 as amended in 2024, Read along with section 14(1) of the same Act.“That you Victor Nwabueze Ogochukwu “m”, Favour Odey “f’, Adekunle Daniel “m”, Akachukwu Alagbogu and others now at large, sometimes on the 3rd & 4th November 2024, in Lagos State, within the aforementioned Judicial Division of The Federal High Court, did knowingly and without authority cause financial lost to Sterling Bank Plc to the tune of N1, 257, 536, 572. 80 (One Billion, Two Hundred and Fifty Seven Million, Five Hundred and Thirty Six Thousand, Five Hundred and Seventy Two Naira, Fifty Kobo) by suppressing one of the banking platform and Bance Application from their various customers’ account to different fraudulent accounts with the collusion of an internal staff/external parties for possible compromise on sensitive data and security system of the bank by using international mobile equipment identity 14984244, IP address 84252.113.3 & 88 transaction, thereby conferred economic benefits on yourselves by converting the money in question to your own use against the Sterling Bank Plc and thereby committed an offence contrary to and punishable under Section 14(1) of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 as Amended in 2024.“That you Victor Nwabueze Ogochukwu ‘m’, Favour Odey ‘f, Adekunle Daniel ‘m’, Akachukwu Alagbogu and others now at large, sometimes on the 3rd & 4th November 2024, in Lagos State, in the aforementioned Judicial Division of Federal High Court, Lagos, did directly or indirectly converts or transfers, retains or takes possession or control of funds belonging to Sterling Bank Plc, knowingly or reasonably ought to have known that such funds is, or forms part of the proceeds of an unlawful Act and thereby committed an offence contrary to Section 18(2)(b) & (d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”While they pleaded not guilty, the prosecution opposed bail, citing the defendants’ potential flight risk.Justice Lewis-Allagoa eventually granted bail at N50 million each, with one surety who must own landed property within the court’s jurisdiction.Pending bail fulfillment, the accused were remanded in custody.The case is adjourned to March 13, 2025, for trial.Authorities continue to investigate other suspects believed to be at large.

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IWD: Fidelity Bank Signs MoU with Partners, Launch ‘Give Her Power’ Initiative to Empower Nigerian Women

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Photo caption:
L-R: Chief Executive Officer, Innoson Kiara Academy, Endi Ezengwa; Commissioner for Women Affairs and Poverty Alleviation, Lagos State, Bolaji Cecilia Dada; Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe; and Commissioner for Commerce, Cooperatives, Trade and Investment, Lagos State, Folashade Ambrose-Medebem; during the signing of Memorandum of Understanding (MoU) at the launch of “Give Her Power” initiative as part of the 2026 International Women’s Day (IWD) activities at the Fidelity Bank Head Office in Lagos, recently.


Fidelity Bank Plc has reaffirmed its commitment to advancing women’s economic empowerment with the signing of strategic Memoranda of Understanding (MoU) with partner organisations at the launch of the bank’s “Give Her Power” initiative, a programme designed to equip Nigerian women with practical skills, tools, mentorship, and financial knowledge.

The partnerships, formalised as part of activities commemorating the 2026 International Women’s Day, bring together a diverse network of stakeholders: LUSH Hair, Barbergirl Academy School of Barbering, Dee ‘n’ Ell the Shoe Architect, Inter-Bau Foundation, IVM Innoson, National Credit Guarantee Company (NCGC) and One Universe.

The collaboration is anchored on the Bank’s HerFidelity Apprenticeship Programme, a structured platform created to provide vocational training, business support, and sustainable enterprise opportunities for women across multiple sectors.

Speaking during the event, Managing Director and Chief Executive Officer, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, highlighted that the bank’s ‘HerFidelity’ initiative reflects Fidelity Bank’s continued commitment to creating opportunities that empower women to achieve financial independence and build sustainable businesses.

“At Fidelity Bank, we strongly believe that empowering women is not only a social responsibility but also a powerful economic strategy. Through the ‘Give Her Power’ initiative and the HerFidelity Apprenticeship Programme, we are providing women with practical tools, vocational skills and financial knowledge that will enable them to move from effort to earnings and from hustle to sustainable enterprise.”

She explained that the programme will deliver a range of interventions throughout the month of March, including the distribution of 1,000 sewing and grinding machines to support women-led microbusinesses, as well as vocational training in automobile mechanics, interior decoration, barbing, hair making, and shoe making.

Other components of the initiative include professional headshot sessions to strengthen women’s personal and professional brands, mentorship engagements with leading female entrepreneurs, and hands-on skill acquisition training in areas such as makeup artistry, nail care, and traditional headgear tying.

Dr. Onyeali-Ikpe also noted that empowering women economically has ripple effects that extend beyond individual beneficiaries.
“When women are empowered economically, the impact extends far beyond individuals. It strengthens families, grows businesses, and uplifts entire communities. Research suggests that advancing women could add up to $12 trillion to global GDP. This reinforces the need to deliberately create platforms that support women to build sustainable businesses and strengthen their economic independence,” she added.

Applauding the bank’s initiative, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, commended Fidelity Bank for its leadership in promoting entrepreneurship and supporting women across the nation.

“This initiative strongly aligns with the Lagos State Government’s commitment to building an inclusive economy where women have access to skills, mentorship and financial opportunities they need to thrive”, Ambrose-Medebem stated.

Her words, “Women remain key drivers of commerce and enterprise across Lagos, from traditional markets to emerging digital sectors. This initiative by Fidelity Bank has ensured that we stayed true to the promoting and supporting women”.

Also speaking at the event, the Lagos State Commissioner for Women Affairs and Poverty Alleviation, Mrs. Bolaji Cecilia Dada, praised Fidelity Bank for championing financial inclusion and economic independence for women.

“Empowering women economically is one of the most effective ways to reduce poverty and strengthen communities. We commend Fidelity Bank for this forward-thinking initiative and for demonstrating how collaboration between the private sector and government can create meaningful opportunities for women across the state,” she said.

Representatives of the partner organisations also expressed appreciation to Fidelity Bank for the collaboration, noting that the partnership will play a significant role in expanding vocational training opportunities and strengthening entrepreneurship among women.

The Give Her Power initiative is expected to empower hundreds of women through skill development, mentorship, and startup support, while reinforcing the role of women as key contributors to Nigeria’s economic growth.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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Verve Joins PCI Security Standards Council, NEXO Standards Community, Reinforcing Global Commitment to Secure, Interoperable Payments

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Lagos, Nigeria – March 5, 2026 — Verve International, Africa’s leading payment card brand, has announced its membership of two major global payment standards bodies, the PCI Security Standards Council (PCI SSC) and the NEXO Standards community, reinforcing its commitment to world-class security, interoperability, and future-ready payment infrastructure.

The PCI Security Standards Council is the global governing body responsible for setting and overseeing security standards that protect cardholder data across the entire payment ecosystem, including card schemes, banks, processors, merchants, and solution providers. Its standards help ensure that all entities involved in storing, processing, or transmitting card data meet strict security requirements, reducing exposure to fraud, data breaches, regulatory penalties, and operational risk.

By joining PCI SSC, Verve aligns more closely with globally recognised best practices for payment security and gains the opportunity to actively contribute African perspectives to ongoing discussions shaping the future of card data protection worldwide.

Verve has also joined the NEXO Standards community, home to some of the most influential global standards for payment acceptance. NEXO delivers modern, universal, and interoperable messaging standards that enable banks, processors, and payment terminals to communicate in a clear, consistent, and feature-rich manner.

This membership supports Verve’s continued efforts to simplify integrations, improve interoperability across markets, and accelerate innovation in payment acceptance, particularly as digital and cross-border transactions expand across Africa and beyond.

Speaking on the development, Vincent Ogbunude, Managing Director, Verve International, said:

“Security, trust, and seamless interoperability remain central to Verve’s mission. Joining the PCI Security Standards Council and the NEXO Standards community strengthens our alignment with global best practices and enhances our ability to deliver secure, scalable, and future-ready payment solutions for our partners and cardholders across Africa and beyond.”

Membership of both PCI SSC and NEXO Standards underscores Verve’s broader strategy to modernise payment infrastructure, reduce technical barriers for issuers, acquirers, and merchants, and support smarter, more secure payment experiences across the continent.

With these affiliations, Verve continues to deepen its role within the global payments ecosystem, contributing to the evolution of standards that underpin secure, reliable, and interoperable digital commerce worldwide.

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Zamfara State Government Sponsors 25 Indigene Students to Nigerian Law School, Reinforcing Commitment to Legal Education

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In a significant initiative aimed at enhancing the legal profession in Zamfara State and empowering its youth, the Zamfara State Scholarship Board has successfully obtained Executive approval for a vital intervention. This program is specifically designed for students who have earned admission to the Nigerian Law School, a prominent institution for legal training in the country. Under the visionary leadership of His Excellency, Governor Dauda Lawal, the Zamfara State Government has officially authorized the full sponsorship of registration fees for twenty-five (25) indigene students who have been accepted into the Nigerian Law School for the 2024/2025 academic session.

This financial sponsorship is a crucial element of the administration’s broader strategy to democratize access to high-quality education, ensuring that aspiring legal professionals are not held back by financial constraints. By covering the registration costs, the government aims to facilitate a smooth transition for these students from academic pursuits to professional legal practice, allowing them to engage fully in their studies without the distraction of financial burdens.

The approval reflects the administration’s firm belief that investing in human capital is essential for the sustainable development and growth of Zamfara State. The government recognizes that a strong legal framework and a cadre of skilled legal practitioners are vital for ensuring good governance, stimulating economic rejuvenation, and advancing social justice. This commitment to legal education is integral to fostering a society founded on the rule of law and equitable justice.

“This initiative goes beyond simply covering fees; it represents a strategic investment in the intellectual and professional capital of Zamfara,” stated a spokesperson for the Scholarship Board. “Governor Lawal is deeply committed to nurturing a generation of legal professionals who will not only achieve their personal career goals but will also actively contribute to the legal and socioeconomic transformation of our state.”

To uphold the principles of equity and meritocracy, the selection of the twenty-five benefitting students was carried out through a rigorous and transparent vetting process. This process utilized a comprehensive criteria matrix, ensuring inclusiveness and prioritizing students from diverse backgrounds, particularly those hailing from historically marginalized communities. This approach underscores the government’s dedication to promoting social equity and inclusion in educational opportunities.

The financial support provided by the government is anticipated to significantly lessen the financial burden faced by these students and their families, enabling them to concentrate fully on their academic rigor and responsibilities at the Law School campuses located in various cities including Abuja, Enugu, and Bayelsa.

This educational sponsorship initiative is part of a larger series of reforms being undertaken by the Dauda Lawal administration, all aimed at revitalizing the educational sector in the state. It signals a clear shift from passive governance to proactive, results-oriented investment in the future of Zamfara’s youth, thereby fostering an environment where talent and ambition can flourish.

The Zamfara State Government remains unwavering in its commitment to provide a conducive environment for academic excellence and professional development, ensuring that all indigene students have the opportunity to pursue their dreams without the constraints of financial hardship. This initiative is not just an investment in education but a commitment to building a brighter future for Zamfara State and its citizens.

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