Polaris Bank Database Hacker Gets Option to Pay Fine

polaris bank nigeria

By Modupe Gbadeyanka

For hacking the database of Polaris Bank to defraud the financial institution of $70,000, Justice I.M. Sani of the Federal High Court sitting in Port Harcourt, Rivers State, has convicted and sentenced one Mr Eric Nnamdi Obulo to one-year imprisonment, with an option to pay a fine.

The convict was convicted on Tuesday, October 6, 2020, after he was re-arraigned by the Economic And Financial Crimes Commission (EFCC) in Port Harcourt.

Mr Obulo was brought before the court on a one-count charge bordering on an unlawful interception by technical means into Polaris Bank’s database and in the process took possession of the sum of $70,000.

It was gathered that on October 14, 2019, Polaris Bank filed a petition against Mr Obulo with the Port Harcourt Zonal Office of the EFCC.

The lender explained that sometime in October 2019, its database and core banking applications were manipulated by unknown fraudsters, resulting in the crediting of six accounts belonging to the convict with a total sum of $70,000. He was investigated by the agency and then apprehended later on.

According to the prosecuting counsel, K. W Chukwuma-Eneh, the offence committed by the convict was contrary to Section 12 (1) of the Cybercrime (Prohibition Prevention etc.) Act 2015 and punishable under the same section of the Act.

“That you Eric Nnamdi Obulo, on or about July 2019 in Port Harcourt, Rivers state, within the jurisdiction of this court did intercept by technical means the database of Polaris Bank and in the process took possession of the sum of $70,000 into your Polaris Bank account no. 2130049253 and thereby committed an offence contrary to Section 12 (1) of the Cybercrime (Prohibition Prevention etc.) Act 2015 and punishable under the same section of the Act,” the one-count charge read.

After his offence was read to him, he pleaded guilty and in view of his plea, Chukwuma-Eneh prayed the court to convict and sentence him accordingly, but defence counsel, D.E. Nowo, pleaded for leniency in view of the convict’s “remorse and being a first-time offender who did not waste the precious time of the court.”

Justice Sani consequently convicted and sentenced Mr Obulo to one-year imprisonment with an option of fine of N5 million.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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