Connect with us

    Hi, what are you looking for?

    E-Financial

    Panic as Hackers Allegedly Steal N9.3Bn Customers’ Fund from Union Bank

    Union Bank of Nigeria Plc is facing a major financial scandal after hackers reportedly siphoned N9.3 billion from multiple customer accounts.

    The breach, which occurred on March 23, 2025, has led to an urgent legal battle as the bank seeks to freeze accounts suspected of receiving the stolen funds.

    Court filings reveal that the cybercriminals exploited a critical system glitch, discreetly transferring the money in small amounts across 54 financial institutions to evade detection.

    Oluwasegun Falola, Union Bank’s Head of E-Fraud Investigations, confirmed that tracking the transactions has been challenging due to their fragmented nature.

    Acting swiftly, the bank filed a lawsuit (FHC/L/CS/629/2025) at the Federal High Court in Lagos, requesting an emergency order to halt further withdrawals. On April 2, 2025, the bank’s legal team, led by A. Adedoyin-Adeniyi, informed the court that the stolen funds were still being actively moved—suggesting an ongoing laundering operation.

    In response, Justice Deinde Dipeolu granted a Post No Debit (PND) order, freezing all implicated accounts pending further investigation.

    This crisis comes just 15 months after the Central Bank of Nigeria (CBN) dissolved Union Bank’s former board over governance failures. Under the leadership of MD Yetunde Oni, the bank now faces intense scrutiny as customers demand accountability.

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    Tech

    Lagos State has declared its readiness to lead Africa’s digital transformation, as it welcomed participants to the GITEX NIGERIA Tech Expo and Startup Festival,...

    Opinion

    By Linda Saunders, Country Manager & Senior Director Solution Engineering, Africa, Salesforce In a time of rising global economic uncertainty, African businesses are increasingly...

    Tech

    In a powerful display of public-private synergy, Lagos State Governor Babajide Sanwo-Olu and Deputy Governor Dr. Obafemi Hamzat visited the MTN Data Centre booth...

    Broadcasting

    Gauteng High Court, Johannesburg, has awarded damages of more than R2.6 million to the girlfriend of a Nigerian citizen who was suffocated to d3ath...