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
The Central Bank of Nigeria (CBN) has reaffirmed that the old and new Naira notes will continue to be used for financial transactions in the country beyond December 31, 2024.
There had been rumours that the old and redesigned N200, N500, and N1,000 banknotes would no longer be legal tender from Wednesday, January 1, 2025, because the central bank would phase out the notes in compliance with a Supreme Court judgement of November 29, 2023.
But the apex bank, in a statement signed by its acting Director of Corporate Communications, Mrs Hakama Ali, on Friday, clarified that the apex court’s judgement being cited did not authorise the bank to phase out the banknotes by the end of this year.
According to her, the court allowed the CBN to leave the old and new notes to be used concurrently until it decides to gradually phase out the former.
The central bank’s spokesperson urged members of the public to disregard claims suggesting the old series of these denominations would cease to be valid at the end of this year.
She urged them to continue to accept all Naira notes for daily transactions, encouraging banks to also adopt alternative payment methods such as electronic channels to reduce the pressure on physical cash usage.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadlines,” the statement noted.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
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