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.


http://www.stelladimokokorkus.com/2013/09/union-bank-loses-two-billion-naira-to.html

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.

The "insider attack" (i.e. any attack by a rogue employee) is a serious one as such attacks tend to cause more damage, especially when privileged users, who have access to a company's crown jewels, go rogue. .

In this scenario, the only thing that stood between the privileged user (in this case Friday) and being a billionaire, was a SQL Update command. .

Cool Deal, E.T.T tho, abeg bros no quote me sha.

See job shaaaa... And i dey here dey do Wire

As them no get internet access nko?



How them go know wetin dey ?

OH MY GOD!!! Wanted to go there today to complain that I have not been receiving alert about my transactions.
Na to go withdraw all my money sure passss oOoooo
*okada wait abeg*

Eyah gud news ΐ wish ΐ can get some of D̶̲̥̅̊ moni ̶̲̥̅̊ sowie º°˚ bank manager u r in for it

This is an anonymous insiders job. YAHOO YAHOO in the banking sector. Nigeriaaaaaaaaaaaaaaansss... hmm!

We read It Here this Morning and the last time i checked its still on the front Page....Haba MOD

So...Stella too Don Join Copy & Paste Blogger...

Same story, word for word with Different source....

Its Here>>>
https://www.nairaland.com/1442253/undergraduates-others-arrested-stealing-n2bn

For the record...2day is tuesday...!money no b paper dis days again...na FIgures...

Hw many times will this make fp

Ok payback time.if u don't want to do d time then don't do d crime.

Lol

Oyetboy: Hw many times will this make fp

I wonder. Maybe it was moved to FrontPage again by another moderator who hasn't properly checked the FrontPage today.

Freaking old generation bank.I can't bank in union,UBA and Wema bank. Just imagine how they were outsmarted by these thieves.

Oh boy c money. Mheeeeeen 9ija guy's no dey dull @ll

This bank seem to have the worse of everything, ranging from poor customer services to poor security services nd personnels.

That bank still exists

WoW! This is serious!

Whopping!

Union Bank my foot! I'll rather dig hole nd bury my money dan deposit it in dt 17th century bank... bt wait o,I tot EFCC has gone on strike? oh,sorri na ASUU....

That's really bad . . .

O boy, see heavy stealing without violence.
But dis guys wicked o. Shey dem no fit go
drain banks lik GTB, ZENITH or FIRST BANK
ni? Why UNION BANK wey just dey crawl
out of financial mess? Increased liability to
the tune of N2b? I bet that bank would
further downsize if those criminals were not
caught.

I'm sure the OP paid the shit moderators to have this also on the front page when someone already posted this same story some hours ago.

abegi joor...dem lose 2billion or 6billion or trillions hw dat one use take concern me? Make dem go renovate their banks jare!

So hausa and yoruba dem dey do internet scam too? E be like say dem own worse pass sef.

The title is misleading, the bank did not lose N2.05bn to fraudsters as most of the funds were recovered. This I know.