Crises hit Globus Bank as hackers steal depositor’s N1.7 billion
Global Bank Limited, one of the new entries into the Nigerian banking market is now in the news for wrong reasons. Platinum Times states that Peter Amangbo serves as chairman of Global Bank Limited and Elias Igbinakenzua serves as its chief executive officer.
The bank has filed a petition with the Lagos high court asking for an order to recover N962,019,843.35 that was fraudulently moved electronically from its vault into accounts held by eight commercial banks.
The entire amount of N1,755,376,156.34 that was moved from the bank between Monday, June 6 and Saturday, June 11, 2022, includes the N962m. The bank has already taken money from the fraudsters’ accounts totaling N817,998,969.85.
However, the development has caused some alarm because, according to financial analysts, the bank’s security system may be insufficient, inadequate, or below industry standards.
The Globus Bank claimed that between Monday, June 6 and Saturday, June 11, 2022, fraudsters processed several fraudulent and unauthorized electronic transfers totaling N1,755,376,156.34 (One Billion, Seven Hundred and Fifty-Five Million, Three Hundred and Seventy-Six Thousand, One Hundred and Forty-Six Naira Thirty Four Kobo).
The bank claimed that the illicit transfer of the monies to accounts held at eight commercial banks included 709 of its customers.
It said that as soon as it became aware of the error, it immediately alerted all of the concerned banks and asked that the beneficiary accounts be limited.
According to Globus Bank, this was done in accordance with Central Bank of Nigeria regulations to prevent the loss of money that had been fraudulently moved into bank-owned accounts.
Globus Bank then promptly went to the Magistrate Court in the Yaba Magisterial District and got an order requiring the banks to freeze and reverse the sum that had been fraudulently deposited into a number of accounts that were housed in the banks.
“That in response to the order served on the respondents, some of the respondents were able to salvage some money, with the total amount of N962,019,843.35 still owing to the respondents’ banks while the total amount of N817,998,969.85 was returned to the bank.
The names of the respondents, the total amount that was fraudulently transferred from the Globus bank, the total amount that was recovered and returned to the Globus, and the total amount still owed are all listed on the Excel sheet that was also submitted to the court.
Globus Bank stated that in order for the other banks to reverse and send it the recovered monies, they still need the high court’s order.
The other banks, it continued, have asked the high court for an injunction allowing them to reverse and repay the funds that were saved.
“As a result, Globes Bank Limited is asking the court for the following reliefs.
“An Order of the Court directing all eight banks to promptly reverse and remit to Globus bank Limited the total sum of N962,019,843.35 (Nine hundred and sixty two million, nine hundred and forty three thousand, eight hundred and forty five naira, thirty five kobo), being the outstanding sum still to be salvaged from the fraudulent transfer into several accounts domiciled with the eight Respondents from the Globus bank 709 customers’ accounts, less depleted sum.
“An order directing the eight commercial banks to disclose all account information with regard to the beneficiaries of the transfer funds and the destination accounts” and for any other orders the court may find appropriate under the circumstances.