DSS Arraigns Man Over Alleged ₦340m Cyberattack on MoMo Bank
The Department of State Services has arraigned a 32-year-old man before the Federal High Court in Lagos over an alleged cyberattack on MoMo Payment Service Bank Limited.
Ogunwobi Philip Ayodeji appeared before Justice Ambrose Lewis-Allagoa on five counts linked to alleged unlawful access to financial infrastructure, conspiracy, cybercrime and money laundering.
The prosecution alleges that about ₦340 million was diverted during the alleged attack.
Ayodeji pleaded not guilty to all five counts.
Prosecution Alleges Unauthorised Access
According to the charge, the alleged conduct occurred between May and August 2026.
Prosecutors allege that Ayodeji compromised MoMo PSB’s systems and gained unauthorised access to financial infrastructure.
They also allege that he conspired with an Indian national described by the prosecution as being at large to gain unlawful access and divert funds into unauthorised digital wallets and other accounts.
Those claims remain allegations before the court and have not been proved at trial.
₦340m Remains an Alleged Diversion
The prosecution alleges that approximately ₦340 million belonging to MoMo Payment Service Bank was diverted.
Ayodeji is also accused of concealing and transferring funds allegedly linked to the cyberattack and of retaining alleged proceeds of criminal activity.
The ₦340 million figure is part of the prosecution’s case. It is not a judicial finding that the defendant stole, diverted or benefited from that amount.
Defendant Pleads Not Guilty
Ayodeji pleaded not guilty to all five counts.
Following the plea, the prosecution asked the court to fix a trial date and remand him pending determination of the case.
The defence applied for bail.
Court Grants ₦500m Bail
Justice Lewis-Allagoa granted Ayodeji bail in the sum of ₦500 million, subject to conditions.
The court also ordered that he remain in Nigerian Correctional Service custody pending fulfilment of those bail conditions.
That remand order is procedural and does not amount to a finding of guilt.
Equally, the grant of bail does not amount to acquittal.
Trial Set for November 27
The court adjourned the matter until November 27, 2026, for trial.
The prosecution will be required to prove the charges in court, while the defendant retains the presumption of innocence unless and until convicted.
What Remains Unresolved
The current court record does not establish that:
- the defendant unlawfully accessed the bank’s systems;
- he personally diverted ₦340 million;
- the full alleged amount was actually lost;
- any part of the alleged sum has been recovered;
- the alleged co-conspirator participated as claimed;
- or the technical method of the alleged attack has been independently established.
Those matters remain for trial.