Suspects accused of removing N60, 479, 480 million from the vault of Lotus Bank, were on Friday, granted bail by a Federal High Court, Lagos.
The three alleged hackers of the bank are: Mohammed Abubakar, Isiyaka Hussein and Musa Mohammed.
They were admitted to bail Justice Friday Ogazi, after their lawyers, I. S. Ishola and J. C. Obajunwan, moved their bail applications, which were not opposed by the prosecution.
The prosecutor, Y. M. Bello, had told the court that granting bail is at ‘court’s discretion’, but said court should impose conditions that will ensure the defendants are in court for their trial.
Consequently, the judge admitted each of the alleged hackers to bail in the sum of N30 million with one surety each in the same like sum.
The judge also ruled that the surety could be a landed property owner with all title documents, which must be within the court jurisdiction, a civil servant not below Grade Level 12, in either Lagos or Federal government ministry or establishment.
Meanwhile, the court has adjourned the trial of the alleged hackers of Lotus Bank to late January 2026.
The three defendants were brought to court sometimes in September, by the operatives of the Police Special Fraud Unit (PSFU) Ikoyi, Lagos, on charges bordering on alleged conspiracy, conspiracy, cybercrime related offences and fraudulent removal of the sum of N60, 479, 480 million, from the bank.
They were alleged to have hacked the bank and committed the offences with others now at large, in September 17, 2024.
The defendants’ alleged illegal acts according to the police, were contrary to sections 27(b), 14(4), 16(1) of Cybercrimes (Prohibition, prevention Etc) Act, (As amended) 2024 and punishable under Section 27(2) of the same Act.
And sections 18 (2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022 and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act 2022.
Their act also contravened section 383(2)(a) of Criminal Code Act CAP. C38 and punishable under Section 390(9) of the same Act.
The three defendants have denied the allegations and pleaded not guilty to the charges numbered FHC/L/768c/2025.
The full counts charge against the defendants read: “COUNT 1: That you MOHAMMED ABUBAKAR ‘M’, ISIYAKA HUSSEIN ‘M’, MUSA MOHAMMED ‘M’ and others at large on or about 17th day of September, 2024 in Lagos within the Jurisdiction of this Honorable Court did Conspire amongst yourselves to commit an offence to wit: Computer Related Fraud and thereby committed an offence contrary to Section 27(b) of Cybercrimes (Prohibition, Prevention E.t.c) Act, (As amended) 2024 and punishable under Section 27(2) of the same Act,
“COUNT 2: That you MOHAMMED ABUBAKAR ‘M’, ISIYAKA HUSSEIN ‘M’, MUSA MOHAMMED ‘M’ and others now at large on or about 17th September, 2024 in Lagos within the jurisdiction of thus Honourable Court knowingly and without lawful authority fraudulently compromised and hacked into Lotus Bank Lid Core Banking Application and created an opening wherein your cohorts transferred funds from their individuals accounts to another to the tune of N35, 479, 480. 00 and their accounts were not debited whereas beneficiaries received value for the transactions thereby committed an offence contrary to Section 14(4) of Cybercrimes (Prohibition, Prevention, E.t.c) Act, 2015 (as Amended) 2024 and punishable under the Section 14(6) of the same Act.
“COUNT 3: That you, MOHAMMED ABUBAKAR ‘M’, ISIYAKA HUSSEIN ‘M’, MUSA MOHAMMED ‘M’ and others now at large on or about 17th September, 2024 in Lagos within the jurisdiction of this Honourable Court with intent and without lawful authority indirectly modifies data held in Lotus Bank Core Banking Application wherein your cohorts transferred funds out of them respective private accounts to another to the tune of N35, 479, 480.00 and their accounts were not debited whereas beneficiaries received value for the transactions thereby committed en offence contrary to Section 16(1) of Cybercrimes (Prevention and Prohibition e.t.c) Act, 2015 (as Amended) 2024 and punishable under the same
“COUNT 4: That you, MOHAMMED ABUBAKAR ‘M’, ISIYAKA HUSSEIN ‘M’, MUSA MOHAMMED ‘M’ and others now at large on or about 17th September, 2024 m Lagos within the Jurisdiction of this Honorable Court did fraudulently hacked into into Lotus Bank Core Banking Application and take possession of total sum of N25,000,000.00 which was transferred from Lotus Bank Lid to Lotus Bank Account number 1003083007 with account name Mohammed Khalid Abubakar, Lotus Bank Account number 1001212357 with account name Aishat Talatu Jibrin and other private accounts when you reasonably ought to have know that the said funds form pert of the proceed of an unlawful act and thereby committed an offence contrary to Section 18 (2) (d) of the Money Laundering (Prevention and Prohibition) Act 2022 and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act 2022.
“COUNT 5: That you, MOHAMMED ABUBAKAR ‘M’, ISIYAKA HUSSEIN ‘M’, MUSA MOHAMMED ‘M’ and others now at large on or about 17th September, 2024 in Lagos within the Jurisdiction of this Honorable Court did Fraudulently compromised Lotus Bank Core Banking Application and convert the total sum of N25,000,000.00 which was transferred from Lotus Bank Lid to Lotus Bank Account number 1003083007 with account name Mohammed Khalid Abubakar, Lotus Bank Account number 1001212357 with account name Aisha Talatu Jibrin and other private accounts when you reasonably ought to have know that the said funds form part of the proceed of an unlawful act and thereby committed an offence contrary to Section 18 (2) (6) of the Money Laundering (Prevention and Prohibition) Act 2022 and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act 2022.
“COUNT 6: That you, MOHAMMED ABUBAKAR ‘M’ and others now at large on of about 17th September, 2024 in Lagos within the Jurisdiction of this Honourable Court with intent to permanently deprive the owner of the fund did hack into Lotus Bank Ltd Core Banking Application and converted sum of N25,000,000.00 (Twenty Five Million Naira) to your personal use and benefit property of Lotus Bank p! fraudulently transferred into Lotus Bank Account number 1003083007 with account name Mohammed Khalid Abubakar, Lotus Bank Account numb 1001212357 with account name Aishat Talatu Jibrin and other private accounts thereby committed an offence contrary to Section 383(2)(a) of Criminal Code Act. CAP. C38 and punishable under Section 390(9) of the same Act.”
