The Department of State Services (DSS) has taken a 32-year-old man, Ogunwobi Philip Ayodeji, before the Federal High Court in Lagos over an alleged cyberattack on MTN’s MoMo Payment Service Bank involving about ₦340 million.
The defendant is facing five charges relating to alleged conspiracy, unauthorised access to financial systems, cybercrime and money laundering.
According to the prosecution, the alleged incident occurred between May and August 2026. Investigators claim that the defendant worked with an Indian national, Abhicheck Modane, who is reportedly at large, to gain unauthorised access to the bank’s systems and divert funds into digital wallets and other accounts.
The prosecution further alleged that money connected to the incident was transferred or concealed as part of the suspected financial operation.
However, Ayodeji pleaded not guilty to all five charges.
Justice Ambrose Lewis-Allagoa granted him bail in the sum of ₦500 million, subject to conditions that include providing a surety with landed property of equivalent value. The surety must reside within the court’s jurisdiction, while the defendant is required to surrender his international passport.
The court ordered that he remain in the custody of the Nigerian Correctional Service until the bail conditions are fulfilled. The case was adjourned until November 27, 2026, for trial.
The case comes amid growing concerns about cybercrime and the security of digital financial services as more Nigerians rely on mobile money and electronic payments.
Monafrika’s Take
The case highlights the importance of stronger cybersecurity measures across Nigeria’s financial sector. Mobile money providers must continually improve their systems for detecting suspicious activity, protecting customer funds and responding to potential cyberattacks.
As proceedings continue, the allegations will need to be established in court. The defendant remains presumed innocent unless proven guilty.
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