EFCC arrests ex-banker, recovers $470,000 from his apartment

ex-banker Abdulmalik Femi arrested for fraud

A former employee of one of the top banks in Nigeria, Abdumalik Salau Femi, has been arrested in connection with the stealing of N1.4 billion from a lender.

Following his arrest by the Economic and Financial Crimes Commission (EFCC), a search was conducted on his home in Morgan Estate, Ojodu where a total of $470,000 was recovered.

Abdumalik allegedly supplied the inside information that facilitated the attack on the bank by the syndicate.

The ex-banker was picked up on Monday, November 1, 2022 at Radisson Blu Hotel in Lagos.

The ex-banker’s arrest was a follow up to the arrest of the Kogi State House of Assembly candidate of the New Nigeria Peoples Party (NNPP), Ismaila Yusuf Atumeyi, with N326 million and $140,500 cash.

Atumeyi was arrested, on Sunday, October 30, 2022 alongside one Joshua Dominic, an alleged serial fraudster, in a sting operation at Macedonia Street, Queens Estate, Karsana, Gwarinpa, Abuja.

The arrest of the suspects followed months of investigation into the hacking of one of the commercial banks by a syndicate of fraudsters who pulled off a heist of N1.4 billion.

The syndicate allegedly moved N887 million into the account of Fav Oil and Gas limited, from where the monies were paid to several Bureau de Change operators and some auto dealers for exchange into United States Dollars and purchase of high-end cars.

Ismaila Yusuf Atumeyi and Joshua Dominic

Dominic, who has severally been arrested for fraud, allegedly helped Atumeyi perfect the hacking plan through Abdumalik.

Dominic, a self-styled investment expert and managing director of Brisk Capital Limited, was arrested in May 2021 by the Special Fraud Unit of the Nigeria Police for alleged N2 billion investment scam.

The EFCC has expressed concern about the rising spate of cyber-attacks on banks and the reluctance of the institutions to report such breaches to law enforcement.

While warning that such reticence would only embolden the criminals, the EFCC appeals to financial institutions to collaborate with it to secure the financial sector from threats of cyber-attacks.

The Star

Editor