2 Undergraduate University Students Arrested Over N2.05 Billion Fraud

Left Salihu Mohmoud Liman Azaaior
Samuel Middle And Isiah Friday

The Economic and Financial Crimes Commission (EFCC) has arrested two bureau de change operators Salihu Liman Mahmoud and Dan Asabe Ibrahim and two undergraduates of the University of Jos, Isaiah Friday and Azzaior Samuel, over an alleged N2.05 billion fraud.

A statement by the spokesman of the EFCC, Wilson Uwujaren, yesterday said the suspects specialise in breaking into the computer data base of financial institutions to carry out illegal posting of funds, and were arrested in Lagos and Jos.

The statement said their arrest was possible after they received a petition from Union Bank of Nigeria Plc, Marina, Lagos, sometimes in January this year.

Wilson explained that the petition alleged that "a criminal attack had been launched on its data base known as 'Flexcube' by unknown criminals who falsified the bank records and accounts and created unjustified huge opening balances in several accounts across the bank's branches and subsequently transferred funds from those accounts to several accounts in other banks."

The petition, which was signed by one A. F Olufade, Head of Fraud Investigation at the bank, said cash withdrawals and electronic transfers totalling over N2.05 billion was involved in the scam.

Wilson said investigations revealed that Isaiah Friday, who was carrying out computer system maintenance services for one of Union Bank branches in Jos on a part-time basis, penetrate the bank's database. Friday was traced and arrested. His arrest led to the arrest of Azaaior Samuel.

Mahmoud, said to be the key figure in the fraud with others, now at large, had approached Samuel if he knew anyone working with the Union Bank.

Samuel gave Friday's contact and Friday was contacted. They told him they needed access to the bank's database in order to carry out some postings.

They promised to Friday N1.5 million if the deal succeeded. Friday obliged and on the day the alleged crime was committed, Samuel is said to have disguised as a colleague of Friday, accompanied him to work, gained access to the bank's computers and posted the monies to six bank accounts domiciled in Union Bank's Marina branch in Lagos.

According to Wilson, the accounts are: Gona Bureau De Change Limited, Jaxmine Bureau De Change Limited, Dan Kawu Bureau De Change Limited, Godswill Great Communications, ZHG Services Limited and A and B Console Limited.

The postings were carried out and the syndicate thereafter went to the bank to draw all the funds. Friday was paid as promised and other syndicate members now at large shared the remaining balance.

The EFCC said it has recover the sum of $2,129,900 and another N134,542,720 from the suspects.