The Economic and Financial Crimes Commission has arrested two young men who claimed to be undergraduates of the University of Jos, Isaiah Friday and Azzaior Samuel, for an alleged N2.05bn fraud.

Two bureau de change operators, Salihu Mahmoud and Dan Ibrahim, were also arrested in connection with the alleged crime.

The suspects were also accused of being members of a syndicate that specialised in breaking into the computer data base of financial institutions to carry out dry posting of funds.

The Head, Media and Publicity, EFCC, Wilson Uwujaren, said the suspects were arrested in Lagos and Jos.

He said, “Their arrest comes on the heels of a petition which the commission received from Union Bank of Nigeria Plc, Marina, Lagos, in January 2013, alleging that a criminal attack had been launched on its data base known as ‘Flexcube’, by yet-to-be-identified criminals who falsified the bank records and accounts and created unjustified huge opening balances in several accounts across the bank’s branches. They subsequently transferred funds from those accounts to several accounts in other banks.

“The petition, which was signed by one A.F Olufade, Head of Fraud Investigation at the bank, said cash withdrawals and electronic transfers totalling N2.05bn was involved in the scam.”

It was learnt that EFCC initial investigation showed that Friday, who was carrying out computer system maintenance services for one of the Union Bank branches in Jos, Plateau State, on a part-time basis, paved the way for the fraudsters to penetrate the bank’s database.

Uwujaren said, “Friday was traced and arrested. His arrest led to the arrest of Azaaior Samuel.

“Investigations further revealed that Samuel introduced Friday to Mahmoud, who is the mastermind of the fraud with others now at large.

“Mahmoud and other collaborators told Friday that they needed access to the bank’s database in order to carry out some postings. They promised to give Friday N.5m if the deal succeeded.”

PUNCH Metro gathered that Friday agreed. On the day the crime was committed, he told people at the bank that Samuel was his colleague who had accompanied him to work.

It was learnt that after the gang had succeeded in gaining access to the bank’s premises, it carried out the postings to six different company accounts domiciled in Union Bank’s Marina branch in Lagos.

Uwujaren said, “The accounts are Gona Bureau De Change Limited, Jaxmine Bureau De Change Limited, Dan Kawu Bureau De Change Limited, Godswill Great Communications, ZHG Services Limited and A and B Console Limited. The postings were carried out and the syndicate thereafter went to the bank to withdraw all the funds. Friday was paid as promised and other syndicate members now at large shared the remaining balance.”

The EFCC spokesman added that the commission had been able to recover $2,129,900 and another N134,542, from the fraudsters.

He said, “Other items recovered are furniture worth N10m from Salihu Liman’s one bedroom apartment in Yaba, Lagos; four vehicles, landed properties in Kano and Kaduna and a four-bedroom duplex worth N45m in Lagos.

Investigation into the scam continues.”

http://thenationonlineng.net/new/efcc-arrests-four-suspects-for-alleged-n2-05b-fraud/



some undergraduates and foolishness. I am not saying stealing is good o, but the best thing to me is to travel out of the country, keep a low profile then after sometime invest the money thereby creating jobs for others. But babu!!!! they will want to show they have "arrived".

An idle mind is thr devils workshop.
Either we like it or not, the present economic state of the nation is responsible for this. The banks too should employ youths that are computer savvy in other to secure their database. First to comment though.

Let's forget this ASUU whatever!

“ Their arrest came on the
heels of a petition which the
Commission received from
Union Bank of Nigeria Plc ,
Marina , Lagos sometime in
January 2013, alleging that a
criminal attack had been
launched on its data base
known
as “ Flexcube”, by unknown
criminals.

this incidence was reported in january. Was there ASUU strike in january?

To be sincere, many of these guys carry out their act in school(when there isn't ASUU strike) where they have the utmost freedom to do anything which can not be done at home cos they have disciplinarians as parents who give a thorough restriction to their movement and acts.

Go to LAUTECH and other schools notorious for internet scamming and see them with laptops and the instruments used. Most of them don't always like going home or drive the cars bought home during the break cos they know the kind of home they are going where nonsense is forbidden.

Did Cyndi, the lautech guy arrested by efcc for defrauding the americans and europeans N1billion($6.9million), perpetrate the act and arrested during the strike?

Tolexander: Let's forget this ASUU whatever!

So should we forget it and fold our arms while undergraduates commit crimes I am not saying they are the cause but jobless undergraduates will do more if the strike lingers .

Of a truth an idle mind is the devil's workshop/control room.

changes1:

So should we forget it and fold our arms while undergraduates commit crimes

Of a truth an idle mind is the devil's workshop/control room.

go back to read my post. It has been modified!

..All Thanks To ASUU and Avariciousness Of Our Youths!
Crime Never Pays.

Crimes such as kidnapping, drug pushing and 419 aren't as a result of unemployment or idleness, of a truth, they are instead a result of "get-quick-money idea".

We keep using our God given talents negatively in this Country..ThankGod for people like Oluwaseun Osewa,Linda Ikeji & others putting their Computer talents & knowledge into positive use.

But using your talents & knowledge to invade a bank's database and manipulate it to divert funds, its crime.
A proper and positive use of computer talent & knowledge can earn you millions of Naira, you only need to sit & think. If you don't believe me, ask Seun Osewa.

Hmmm

that was much!

Sharp guys

Wonders shall Never End..

Mehn, see big f.uck up!

Iceman296: ..All Thanks To ASUU

Lol kip blamin ASUU

.dz ASUU strike don tire me ooo,i don tey 4 house even my grandma wey no sabi ASUU b4 don sabi ham. Tanx to d strike

hmmmm

Iceman296: ..All Thanks To ASUU

Dont blame it on ASUU.

FG wil stil set out multi-billion commity 2 prob dis unemployed/frustratd undergra8s n dey wl squander d money wtout tangibl result..so na d same pipo,,GEJ shud free dos guys joor n grant ASUU dia desire,most importantly dat of unemployd graguates..

Nawa

And who is that guy that collected only N500,000 self He must be dull o. Now he will pay for it

changes1:

http://thenationonlineng.net/new/efcc-arrests-four-suspects-for-alleged-n2-05b-fraud/



Undergraduates? Now my question is, Will it be right if I say thanks to ASUU or thanks to greed

@op how can you post a thread that you havent read.
how do u start blaming ASUU if you actually read the post.
well you are showing us how fast the education sector is failing.

c'est ne pas funny...dnt look at my nyash..courtesy of ASUU shey?

changes1:

http://thenationonlineng.net/new/efcc-arrests-four-suspects-for-alleged-n2-05b-fraud/



Undergraduates? Now my question is, Will it be right if I say thanks to ASUU or thanks to greed

Leave ASUU out of it.They're criminals and they should be tried.If ASUU likes they should strike for 10months,it shouldn't be used as yardstick for undergraduates to be involved in criminal activities.They're a million and one part time jobs they could get involved in,not fraud.

If at this age they can steal 2bn I wonder what they would be stealing when they get to Obasanjo's age.

thats a systemic protest against ASUU strike

changes1: Their arrest comes on the heels of a petition which the commission received from Union Bank of Nigeria Plc, Marina, Lagos, in January 2013, alleging that a criminal attack had been launched on its data base known as ‘Flexcube’, by yet-to-be-identified criminals who falsified the bank records and accounts and created unjustified huge opening balances in several accounts across the bank’s branches. They subsequently transferred funds from those accounts to several accounts in other banks.

BADOO

It was learnt that EFCC initial investigation showed that Friday, who was carrying out computer system maintenance services for one of the Union Bank branches in Jos, Plateau State, on a part-time basis, paved the way for the fraudsters to penetrate the bank’s database.

No smoke without fire

FLEXCUBE

ECOBANK SHOULD CHANGE THE SOFTWARE NOW

hmmmm owu di ooh