Police Special Fraud Unit (PSFU), Ikoyi, Lagos, said its operatives have busted a syndicate who used Point of Sale (POS) terminals and other technological tools to gain access to financial institution’s database to steal more than N3 billion.

Police did not name the financial institution where the money was stolen but DSP Ovie Ewhubare, spokesperson for the Unit,  in a statement Friday, said that while a member of the syndicate has been arrested, other remained at large.

The PSFU spokesperson said the suspect was apprehended following an extensive investigation into a sophisticated cyber intrusion targeting a financial institution.

“The members of the syndicate allegedly used Point of Sale (POS) terminals and other technological tools to gain unauthorised access to the financial institution’s database.

“The breach enabled the suspects to initiate fraudulent transactions worth more than N3 billion,’’ he said.

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According to him, investigations reveal that the proceeds of the alleged fraud are quickly laundered through multiple bank accounts in an attempt to conceal the source and movement of the funds.

The spokesperson said that the detectives deployed advanced digital forensic techniques and financial analysis to trace the transactions, identify members of the syndicate and recover key evidence to support prosecution.

Ewhubare said that Mr Eloho Okpoiakpo, commissioner of Police in charge of the PSFU, commended the investigating team for its professionalism in uncovering the alleged fraud.Law Enforcement

He said that Okpoiakpo directed the detectives to intensify efforts to apprehend other fleeing members of the syndicate, assuring that every effort would be made to bring all those involved to justice.

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Chinonso Akujobi, former staff of Access Bank in Lagos, has been remanded in Ikoyi prison after she was arraigned on a five-count charge bordering on stealing to the tune of N294.5m.

Akujobi who is being prosecuted by the Economic and Financial Crimes Commission (EFCC) was arraigned before Justice I.O. Ijelu of the State High Court sitting in Ikeja, Lagos.

EFCC alleged that Akujobi stole the money between January and December 2025 while under the employment of Access Bank Plc.

As stated in one the charges, the defendant stole the money through unauthorized payments from the general ledger of Access Bank to her account number 0036668871 with the name Chinonso A., Uchechi A. and Florence A., thereby committing an offence of stealing, contrary to Section 280 and punishable under Section 287 of the Criminal Law of Lagos State, 2015.

‎The defendant pleaded “not guilty“ to the charges when they were read to her.

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‎In view of this, S.M.Yabo, prosecution counsel, asked the court for a trial date and also prayed for the remand of the defendant in a Correctional centre.

Justice Ijelu, thereafter, adjourned the case till October 8, 2026, for the hearing of the bail application and the commencement of trial.

The Judge also ordered that the defendant be remanded in the Ikoyi correctional Centre.