Banking
Nigerian Banks Have Porous Online Banking Security—Hacker
By Dipo Olowookere
A Nigerian hacker arrested by the Lagos State Police Command, Mr Michael Williams, has disclosed that financial institutions operating in the country have porous online banking system.
Mr Williams, a 28-year-old medical doctor turned hacker, made this disclosure on Monday when he was paraded before the media by the Commissioner of Police, Mr Edgal Imohimi.
He was arrested for purchasing a N28 million Porsche car from a dealer with fake bank alert.
“In Nigeria, you can sit and hack any account but abroad, it is only through the Swiss account because the money is much.
“Nigerian bank don’t have professional hackers to secure them online. They are not secured so I can easily hack into their account.
“When you are online, you can do whatever you want to do. I don’t have an account because you can easily be caught so I just do credit cards. You get old credit card,” the suspect told newsmen yesterday.
Speaking on how he got into hacking banks, Mr Williams said, “I was pushed out of work so I got a visa to travel to Canada. I worked at Tolu Medical Centre and EKO hospital.
“It is just that in Nigeria, when they see you are good at something, they just look for a way to push you out.
“I travelled to Canada to get a job to do or something to do. When I got to Canada, I was living with an Israel guy who had an accommodation there. He taught me all I need to know in hacking. It is about software made easy online. So when you are a hacker, you buy the software online, it is very easy.
“I get money online and not from individuals in Nigeria. It is a free world online. I came back to Nigeria because our banks are not secured. You can easily hack accounts online.
“Creating a credit card, you get old credit card online, create them wait for a day monitor your emails and wait for when transactions are coming in on the Swiss code transaction. I don’t have an idea of how much I have made.
“Anybody making $1 million or $2 million transaction or $1 billion, you can divert it online and then secure your securities and thereafter fund it on your credit card.
“After funding it on your credit card, you can use it to buy any kind of powerful software you want and anything buyable online.
“You monitor celebrities, movie producer and actresses in the USA. John Travolta an actor based in USA he does transfers every week. I hacked into his Swiss code account. Banks in Nigeria are not like banks abroad.”
Speaking on how the suspect, who hails from Delta State, was apprehended, the police chief said, his office received complaints from people about Mr Williams.
According to him, the accused person had visited a car dealer known as Abidogun Adewale to buy a Porsche SUV worth N28 million with a fake bank alert.
“After he had bought the vehicle, he thereafter requested for the seller’s bank account number and made it look like he had paid him via the fake alert to his phone using HTTP tunnel. com.
“The suspect drove the car away unknown to the seller that he had been scammed.
“Adewale had only discovered when he went to the bank to obtain his bank statement weeks after. However, based on his complaint, a manhunt was launched on the fleeing suspect. The command availed detectives of the Federal Special Anti-Robbery Squad all necessary Intelligence asset which led to the arrest of the suspect in Lekki Lagos.
“This suspect was interrogated and he confessed to committing the crime. He also led detectives to Asaba, Delta State where the stolen Porsche car was recovered. He also led detectives to Owerri, Imo State where two Camry Saloon cars he stole in a similar fashion were recovered. The modus operandi of the suspect who has a good mastery of cyber environment is that he creates a credit card, through cyber ghost 12. When the credit card matures, it is then funded through a hacked Swiss account.
“Any transaction anybody is doing through Swiss account the suspect manipulates such and wires the fund to his contrived credit card. This is possible with the aid of cyber ghost 12 HTTP/tunnel.azinytv4/vpn (virtual private network).
“He further stated that through the credit card, one can buy software he needs to work and protect his job so that he cannot be traced. Such software is known as von and word cyber protector for example Dare Devil. It also enables you to do deductions and transactions per dollar from every individual domiciliary account, shutting of CCTV camera on Dare Devil and break the 256 codes on word CCTV.china.north Korea.code, untouchable.tracker.com. This enables him to shut down any working system of his interest on yt. com an Internet sophistication for example YouTube/Facebook to make them unworkable for 67 minutes. Although he is not a computer scientist, he claimed to be a professional hacker.”
Meanwhile, the Commissioner of Police said the suspect would be charged to court soon.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
