Business
Exposed! How bank worker, syndicate use stolen SIM cards to steal millions from customers’ account
Details have emerged of how an employee of a bank, one Christian Amechi, allegedly helped fraudsters to steal millions of naira from customers using a string of impersonators.
The bank worker, until his arrest, was serving at the ATM customers service unit, at the bank’s head office in Victoria Island, Lagos. He is currently being quizzed at the Special Anti-Robbery Squad (SARS), Lagos State Police Command.
He was arrested last week along with five other members of the syndicate following a report against their nefarious activities by the bank’s top management team. Together, the gang had allegedly removed over N20 million from accounts belonging to various customers.
Those arrested include Oyozoje Joseph, 30; Nelson Matthew Eugari; Henry Omogbemi, 31; and Ene Mona Gabriel.
Luck ran against the banker after the police team arrested the leader of a gang of pickpockets, Akeem Apejoye, in Lagos. In his confession, the street thief told the police how Christian and his gang encouraged him to continue to steal phones.
Akeem alleged that the gang’s interest was mainly the SIM cards of stolen phones. After his arrest, he led police to the homes of those who have been collecting SIM cards from him.
Although he alleged that he was not aware that Christian and his group used the SIM card to remove money from the accounts of customers, he said the group often bought him drinks at joints whenever he ran into them. I used the proceeds I made from pickpocket to open a boutique in Ajegunle. My shop is located along Ojo road,” Akeem told detectives.
Narrating how his gang removed several millions of naira from victims account, Christian said all that was needed for the illegal transfer to succeed is the customers SIM card, stressing that any account holder who does online transaction has his or her Bank Verification Number (BVN) number stored on his or her phone.
“I grew up in Ajegunle and I know almost all members of the gang. I know them on the street, but I was introduced into the business by one of my friends known as Ose boy and DJ. I attended the University of Nigeria, Nsukka, (UNN). I read banking and finance. Osey boy and DJ are referred to as the gang “shooters”. What it means is that they can remove bank secret code numbers, particularly BVN from phones.
“The moment any member of the gang lays his hand on stolen SIM cards, they would dial the USSD number to access the owner’s BVN. That is if the owner does online banking. Once this is done, they would send me the six last digits with which I can access the owner’s account. My job is to ascertain how much is in the account and at times, help transfer money to the person who provided me the information. The gang can then transfer at least N200,000 per transaction into their own account from where they would have easy access to the stolen funds.
“The gang pay me between N10,000 to N15,000 per transfer and I have lost count of how many of such transactions we have done in the past. In all, I have made at least N150,000 and I used part of it to upgrade my certificate.”
Chris, the banker, as he is addressed by members of the gang also revealed that, aside helping the gang to generate information of account holders, he also provided the gang with telephone numbers of victims.
He disclosed in his statement to the police that, some times, the gang would do a welcome back of some of the telephone numbers he generates.
He said: “What happens in this case is that the original owner of the line would not be able to make or receive calls. All calls or text messages on such numbers can only be accessed by the person who did the welcome back. The gang members are staff of telecommunication providers. These set of people are the ones who do the welcome back for the gang on any number to be profiled.”
Lagos State Police Public Relations Officer, Chike Oti, who confirmed the arrest said the gang, transferred money from a victim’s account and that the money was then laundered through a series of bogus names before being moved into their individual account to prevent it being recovered.
He said that one of the victims lost more than N2 million after the gang used a fake welcome back telephone number in the account holder’s name to set up two transfers over three days. A customer with N200 million in the bank only escaped becoming a victim when they were arrested.
Credit: The Guardian Nigeria
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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