Man Charged with Hacking MTN's MoMo Bank, Stealing N340m

The Department of State Services (DSS) has arraigned 32-year-old Philip Ogunwobi before the Federal High Court in Lagos for allegedly hacking into the vault of MoMo Payment Service Bank Limited, a subsidiary of MTN Nigeria Communications Plc, and stealing approximately N340 million. Ogunwobi faced a five-count charge including unlawful access to the bank’s financial infrastructure, conspiracy, cybercrime, and money laundering, as presented by prosecutor Michael Bajela before Justice Ambrose Lewis-Allagoa.

The DSS claims that between May and August 2026, Ogunwobi compromised the bank’s systems, diverted funds into unauthorized wallets, and disrupted the bank's operations. He allegedly conspired with an Indian national, Abhicheck Modane, who is currently at large.

Ogunwobi pleaded not guilty to all charges. Following his plea, the court set a bail amount of N500 million with specific conditions, including the requirement for a surety and the deposit of his international passport.

The case is adjourned until November 27 for trial.