Details of alleged N1.2 billion fraud linked to ex-Globus Bank staff

The ex-Globus Bank staff fraud case, which came to light in 2023, was initially reported to authorities by the management of the bank.

The bank swiftly sought a court order in Lagos to freeze accounts linked to the suspects and subsequently involved the Economic and Financial Crimes Commission (EFCC) in a comprehensive investigation.

According to EFCC affidavits, the former staff exploited their insider knowledge to breach the bank’s systems. The primary suspects – Babatunde Idris Olayiwola, Chinedu Ihuma, and Igwe George Benedict Obinna – were instrumental in the creation and management of the bank’s ICT infrastructure. This deep understanding enabled them to transfer N3.5 billion into various accounts covertly.

The EFCC’s investigation uncovered that the suspects used the login credentials of Igwe George Benedict Obinna to execute the fraudulent transfers. Babatunde Olayiwola, who initially set up the bank’s software systems, had introduced Chinedu Ihuma and Igwe George Benedict Obinna to Globus Bank, facilitating continued access and eventual exploitation of the bank’s systems.

The EFCC affidavit revealed:

• Role of Babatunde Idris Olayiwola: As an ICT expert and former staff member, Olayiwola created the software platforms used by the bank. He introduced Chinedu Ihuma to oversee these platforms upon his departure.

• Role of Chinedu Ihuma: Also an ICT expert and former staff member, Ihuma was brought in by Olayiwola to manage the ICT platforms. Ihuma further introduced Igwe George Benedict Obinna to take over these responsibilities.

• Role of Igwe George Benedict Obinna: Using his login credentials, Obinna facilitated the transfer of over N3.5 billion from the bank’s accounts to various accounts, including those associated with Haril Global Solutions Ltd.

The EFCC’s forensic analysis of the suspects’ computers and phones provided further evidence of their involvement in the fraud. During the investigation, Igwe George Benedict Obinna was arrested and provided statements to the EFCC confirming his role in the fraud.

Legal Proceedings and Court Actions

The EFCC, represented by counsel Olanrewaju Adeola, sought the court’s intervention to freeze the accounts, arguing that this step was crucial to prevent further financial losses and secure justice. Justice Inyang Ekwo of the Federal High Court Abuja granted the order to halt all transactions on the disputed accounts under suit NO/FHC/CS/32/2024.

This high-profile case underscores the vulnerabilities in banking cybersecurity and the potential for insider threats. It highlights the necessity for robust security measures and diligent monitoring within financial institutions.

In response, Globus Bank has reinforced its cybersecurity protocols and is working closely with the EFCC to bring the perpetrators to justice. The bank is also reviewing its internal controls to prevent future breaches.

The suspects have filed a lawsuit against the EFCC and Globus Bank at the High Court of Justice in Maitama, Abuja, under suit no: CV/1841/24, seeking to challenge the legal actions taken against them.