Justice Mojisola Dada of the Lagos State Special Offences Court in Ikeja has remanded, Andrew Odekina, an alleged hacker, who is part of a fraud syndicate that stole N3.09 billion from First City Monument Bank (FCMB).

Justice Dada ordered that Odekina be kept behind bars after he was arraigned before her by the Economic and Financial Crimes Commission (EFCC).

The EFCC informed the judge that the defendant was among the suspects who allegedly carried out a major cyber-enabled fraud that resulted in over N3 billion being siphoned from the bank’s customer accounts.

The anti-graft agency also accused the defendant of retaining proceeds linked to the large-scale hacking operation that targeted some FCMB customers.

The Commission stated that its investigation found cybercriminals had unlawfully accessed the bank’s applications, allowing them to transfer N3.09 billion from various accounts.

Odekina was specifically charged with receiving and retaining N9.87 million, believed to be part of the stolen N3.09 billion, in his FCMB account in 2025.

The offence, according to the EFCC, contravenes the provisions of the EFCC (Establishment) Act, 2004.

The charge states that the defendant, alongside accomplices still at large, knowingly retained control of funds traced to fraudulent digital transactions carried out on the bank’s platform.

The defendant, however, pleaded not guilty to the charge.

Based on his plea, Babatunde Sonoiki,  prosecutor, urged the court to fix a trial date and remand the defendant in the custody of the Nigerian Correctional Service pending the conclusion of the trial.

The defendant appeared in court without legal representation.

After listening to the lawyer, Justice Dada adjourned the case to May 11 for trial and ordered that Odekina be remanded to the Kirikiri Correctional Facility.

Central Bank of Nigeria (CBN) has directed all International Money Transfer Operators (IMTOs) operating in the country to open and maintain naira settlement accounts with authorised dealer banks, as part of efforts to tighten oversight of diaspora remittances and improve transparency in the foreign exchange market.

The directive was contained in a circular dated March 24, 2026, signed by Dr Musa Nakorji, director of the Trade and Exchange Department, and addressed to IMTOs, authorised dealer banks and the general public.

The circular was published on the apex bank’s website on Tuesday.

The CBN said the measure is aimed at “enhancing diaspora remittances, strengthening transparency, traceability, and effective monitoring of all transactions.”

It stated that “all IMTOs are hereby directed to open naira settlement accounts and ensure that all transactions are routed strictly through their designated settlement accounts, maintained with Authorised Dealer Banks in Nigeria.”

Under the new rule, all inflows, beneficiary payments and related settlements linked to international money transfers are to be processed solely through these accounts.

IMTOs may, however, operate multiple settlement accounts across different banks in line with their operational needs.

The circular also introduced tighter controls on how the accounts can be funded, stating that they “shall only be credited with remittance flows and proceeds of foreign exchange conversions by licensed IMTOs (or their agents)” within the Nigerian foreign exchange market.

Operators are required to clearly designate the accounts and submit the details to the CBN, with updates provided periodically where necessary.

To improve market operations, authorised dealer banks are permitted to process foreign currency transfers from IMTO settlement accounts to other banks and approved participants, including licensed Bureau De Change operators.

The apex bank further directed IMTOs to adopt market-reflective pricing by referencing the Bloomberg BMatch system. It said IMTOs “shall observe real-time market prices from the Bloomberg BMATCH and utilise this as guidance for pricing transactions with their customers and Authorised Dealers.”

According to the CBN, this approach is expected to “improve price discovery, reduce information asymmetry between IMTOs and banks, and encourage increased participation in the official FX market.”

The bank added that all operators must maintain proper transaction records for regulatory checks and comply fully with anti-money laundering, counter-terrorism financing and counter-proliferation financing rules.

“This directive takes effect from May 1, 2026. Please note and ensure compliance,” the circular stated.

The move shows the CBN’s push to channel remittance inflows through formal banking channels, boost liquidity in the official foreign exchange market and strengthen regulatory oversight of cross-border transactions.

PricewaterhouseCoopers (PwC), global professional services network, has reported that Nigerians lost about N12.5 billion from 2019 to 2023, through escalating digital fraud schemes.

AI-driven scams leverage artificial intelligence to create highly personalized and convincing fraudulent schemes, such as deepfake audio/video impersonations, automated phishing, and fake investment bots.

Globally, telecom fraud losses reached more than $38.95 billion during the same period, PwC said in its report titled “AI’s Dual Role in Telecom Fraud.”

The firm highlighted the dual nature of Artificial Intelligence (AI) in the telecom sector, warning that the technology is changing how fraud operates.

“AI has tremendous potential to drive positive change across sectors, but it also enables fraudsters to create and disseminate scams quickly and at scale,” PwC said in the report.

The report shows that telecom operators are no longer just communication providers but also critical infrastructure supporting digital banking and payments.

This shift has increased exposure to fraud. PwC noted that in Nigeria, 59 percent of e-banking customers have experienced scams, suggesting that telecom networks, which support mobile banking alerts, authentication messages, and digital payment links, are becoming attractive targets for criminals.

As telecom networks connect more closely with banks and fintech companies, fraud incidents in one sector can quickly spread to another, leading to regulatory scrutiny and loss of customer trust.

This growing overlap is creating a new risk layer in Africa’s digital economy, where mobile devices are often the main gateway to financial services.

PwC identified several common telecom fraud methods affecting operators and users, including SIM box fraud, SMS phishing, SIM swap fraud, subscription fraud, scam calls, and international revenue share fraud.

The report noted that AI could make these attacks even more sophisticated.

Criminal groups can now use AI tools to automate scam campaigns, generate convincing messages, and even create deepfake voices or identity impersonations to trick victims.

The firm warned that these capabilities could allow fraud schemes to spread across networks quickly, increasing financial losses if telecom companies fail to strengthen defenses.

Globally, the telecom, media, and technology sector already experiences the highest level of fraud, according to PwC’s 2022 Global Crime Survey. N

early two-thirds of companies in the sector reported fraud incidents, with about half involving cybercrime.

Despite the risks, PwC said telecom operators have a strong advantage in combating fraud because of the large amount of network and customer data they control.

By using AI and machine learning tools, companies can analyse network behaviour in real time and detect suspicious patterns early.

AI systems, for example, can identify unusual call patterns, abnormal message traffic, or activities occurring at odd hours that may signal fraudulent activity.

Some telecom operators have already introduced AI-powered spam detection tools that analyse hundreds of behavioural indicators before determining whether a message or call is likely to be fraudulent. According to PwC, real-time analysis could allow telecom companies to block scams before they cause significant financial losses.

However, PwC stressed that technology alone is not enough to tackle the problem.

The firm called for stronger collaboration between telecom operators, banks, and regulators to address fraud risks across the digital ecosystem.

“AI has tremendous potential to drive positive change across sectors, but it also enables fraudsters to create and disseminate scams quickly and at scale,” the report reiterated.

With millions of Nigerians relying on mobile networks for banking, payments, and identity verification, telecom companies are becoming frontline defenders against digital fraud.

PwC said a deeper understanding of how technology is changing fraud risks will be crucial for telecom operators seeking to protect customers and maintain trust in the country’s digital infrastructure.