E-Financial
Obulo Sent to Jail for Hacking, Stealing $70,000 from Polaris Bank
Eric Nnamdi Obulo, the man who hacked into Polaris Bank Computer and stole $70,000, has been jailed for one year in Port Harcourt.
Justice I.M. Sani of the Federal High Court sitting in Port Harcourt, convicted and sentenced Obulo.
He was re-arraigned by the Port Harcourt Zonal Office of the Economic And Financial Crimes Commission (EFCC), on one- count charge bordering on unlawful interception by technical means, into Polaris Bank’s data base and taking possession of $70,000.
The one-count charge read: “That you Eric Nnamdi Obulo, on or about July, 2019 in Port Harcourt, Rivers state, within the jurisdiction of this Honourable Court did intercept by technical means the data base of Polaris Bank and in the process took possession of the sum of Seventy Thousand Dollars {$70, 000.00} into your Polaris Bank Account no. 2130049253 and thereby committed an Offense contrary to Section 12 (1) of the Cybercrime (Prohibition Prevention etc.) Act 2015 and punishable under the same section of the Act”.
He pleaded guilty to the charge, when it was read to him.
In view of his plea, K. W Chukwuma-Eneh prosecuting counsel, prayed the court to convict and sentence him accordingly.
D.E. Nowo, defence counsel, 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 Eric Nnamdi Obulo to one year imprisonment with an option of fine of Five Million Naira only.
Obulo ran into trouble when Polaris Bank filed a petition against him, with the Port Harcourt Zonal Office of the EFCC on October 14, 2019.
The petitioner stated that, sometime in October, 2019, the bank’s 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 Seventy Thousand United States Dollars.
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.
The Central Bank of Nigeria (CBN) has announced a comprehensive review of documentation requirements for transactions processed through the Pan-African Payment and Settlement System (PAPSS), aimed at enhancing intra-African trade, promoting financial inclusion, and improving operational efficiency for cross-border payments within Africa.
In a press release issued on Monday, the CBN outlined key updates to the documentation framework in a circular addressed to Authorised Dealer Banks (ADBs) and the general public.
The revised guidelines are part of the CBN’s ongoing efforts to streamline processes and support seamless financial transactions across the continent.
Under the new framework, individuals conducting low-value transactions up to USD 2,000 equivalent in naira and corporates transacting up to USD 5,000 equivalent in naira can now rely on basic Know-Your-Customer (KYC) and Anti-Money Laundering (AML) documents already provided to their ADBs.
This measure simplifies compliance requirements for smaller transactions and reduces administrative burdens.
For transactions exceeding the specified thresholds, parties must comply with the full documentation requirements as outlined in the CBN Foreign Exchange Manual and related circulars to ensure regulatory compliance.
Applicants are also responsible for ensuring that all necessary regulatory documents are available to facilitate the clearance of goods as mandated by relevant government agencies.
The new policy permits ADBs to source foreign exchange for PAPSS settlements directly from the Nigerian Foreign Exchange Market, eliminating the previous requirement to obtain forex directly from the CBN.
Additionally, all export proceeds repatriated via PAPSS must be certified by the relevant processing banks to promote transparency and regulatory adherence.
The CBN urged all ADBs to adopt PAPSS and commence originating transactions in accordance with the updated policy.
Exporters, importers, and individuals were encouraged to familiarize themselves with the new requirements and leverage PAPSS for efficient cross-border transactions across Africa.
The Federal Inland Revenue Service has directed banks across the country to immediately identify and close any tax and levy collection accounts not authorised under its TaxPro Max platform.
The directive, aimed at promoting transparency and ensuring uniformity in tax collection, was disclosed in a public notice titled “Directive to close unauthorised FIRS tax collection accounts,” issued by the FIRS Chairman, Zacch Adedeji, and circulated to journalists on Monday by his Special Adviser on Media, Dare Adekanmbi.
According to the notice, all tax and levy collections must now be processed exclusively through assessments generated on the TaxPro Max system.
The FIRS warned that all banks participating in its collection, remittance, and reconciliation scheme must comply without delay, discontinue the use of unauthorised accounts, and ensure only transactions initiated from the TaxPro Max platform are processed.
“We count on your cooperation to ensure a smooth transition to this centralised system, thereby contributing to a more transparent and efficient tax collection process,” the agency stated.
Developed locally, the TaxPro Max platform facilitates key tax activities such as taxpayer registration, filing of returns, payment processing, and the issuance of tax clearance certificates.
It was introduced to streamline tax administration and support the FIRS’s broader digitalisation agenda.
The agency also urged taxpayers and stakeholders seeking clarification to contact its Revenue Accounting and Refund Department.
MTN Nigeria Invests N202.4Bn in Q1 2025 to Enhance Network Capacity
MTN Nigeria Reports N1 Trillion Revenue
NBS Unveils Crowd-Sourcing Initiative for Accurate Statistical Data
Lawmakers, Telcos in Heated Debate over Kidnapping, Phone Related Crimes
Emerging Technologies, Cybersecurity, Others Form Key Focus of NCA 2003 Review
News2 days agoNBC Loses Appeal as Tribunal Upholds ₦190m Fine for Misleading Packaging
Telecom2 days agoMTN’s Talent Hunt Returns: A Stage for Nigeria’s Next Creative Stars
Telecom3 days agoMeta Challenges Nigerian Tribunal’s $220M Fine over Data Breaches
Broadcasting3 days agoAI and Cybersecurity: Balancing Innovation with Caution
E-Financial3 days agoSupreme Court Sets Aside N22 Trillion Judgement against Union Bank
E-Business3 days agoFG Warns Nigerians Against Growing Threat of Cyber Slavery in West Africa
News3 days agoEFCC Bans Cash above $10,000 from Leaving Nigeria without Declaration
E-Financial2 days agoCBN Urges Banks to Source FX for PAPSS Settlement Through NFEM