EFCC Returns N114m Recovered from Hackers to Microfinance Bank

​BENIN CITY — The Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has successfully restituted the sum of N114 million to a microfinance bank, weeks after tracking down cyber syndicates who compromised a customer’s account.

​The Acting Zonal Director, Deputy Commander of the EFCC Sa’ad Hanafi Sa’ad, formally presented the bank draft covering the recovered funds to Samuel Ikechukwu, a senior representative of the financial institution, on Thursday, October 29, 2026.

​Anatomy of a Cyber Heist

​The breakthrough comes more than two years after the microfinance institution lodged an official complaint with the anti-graft agency. In August 2024, Ikechukwu petitioned the Commission following a sophisticated cyber breach that targeted a customer’s account, leading to the unauthorized transfer of substantial funds.

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​Armed with digital forensics and intelligence-gathering frameworks, EFCC investigators tracked the illicit digital footprints across multiple accounts. The money trail ultimately led operatives to key conspirators, including a primary suspect identified as Obumneme Bright.

​Bright was subsequently apprehended in connection with the cyber attack. Under interrogation, investigators pinned down the movement of the capital and successfully recovered the entire N114 million from him.

​Ongoing Manhunt and Regulatory Warning

​While celebrating the milestone recovery, anti-graft authorities have indicated that the operation is far from concluded. Operatives are currently hot on the trail of other fleeing members of the syndicate believed to have aided in laundering the stolen funds.

​Financial crime analysts note that the development highlights the growing vulnerability of digital ledger systems within tier-three banking institutions, while underscoring the EFCC’s intensified clampdown on cyber-enabled financial crimes.

​The Commission has urged financial institutions to continually upgrade their cyber-security architectures and report suspicious digital transactions promptly to forestall capital flight.