Cyber fraud: EFCC returns recovered N114m to microfinance bank

The Acting Zonal Director of the EFCC’s Benin Zonal Directorate, Deputy Commander Sa’ad Hanafi Sa’ad, presented a bank draft of N114 million to Samuel Ikechukwu, a senior official of the bank. Photo: EFCC

The Economic and Financial Crimes Commission has returned N114 million recovered from a cyber fraud case to a microfinance bank.

According to a post obtained from EFCC’s X handle on Friday, on Thursday, the Acting Zonal Director of the EFCC’s Benin Zonal Directorate, Deputy Commander Sa’ad Hanafi Sa’ad, presented a bank draft of N114 million to Samuel Ikechukwu, a senior official of the bank.

The funds were recovered on behalf of the institution following a petition filed by Ikechukwu in August 2024.

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He reported that one of the bank’s customer accounts had been fraudulently hacked, with money withdrawn without authorisation.

“Investigators traced the stolen funds to several suspects, including Obumneme Bright, who was arrested. Upon his arrest, the commission recovered N114 million from him.

“Efforts to track down the remaining suspects are ongoing,” EFFC said.

Gilbert Ekugbe is a journalist at Punch Newspapers with over a decade of experience reporting on business and economic affairs. He covers markets, corporate developments, finance, and Nigeria’s broader economic landscape. His reporting is informed by extensive newsroom experience and a strong commitment to accuracy and responsible journalism, helping readers understand complex business issues.

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