Lotus Bank Insider Fraud: ₦1.5B Cyber Heist Uncovered

Lotus Bank Insider Fraud: ₦1.5B Cyber Heist Uncovered

First seen 22 May 2026, 20:40 UTC •Thenigerianvoice •100% similarity •61.5

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An internal review at Lotus Bank revealed a significant fraud scheme orchestrated by staff member Abdulkarim Arome Mohammed. He allegedly exploited his access to divert ₦1,552,130,998.85 in customer Mudarabah profits into unauthorized accounts. The fraud was detected during a comprehensive review from January 2023 to May 2024, which identified suspicious profit payments. The stolen funds were dispersed across 22 financial institutions and involved three individuals, including Mohammed's wife. The case is ongoing, with proceedings adjourned until June 16, 2026, as more defendants are added. The bank aims to recover the diverted funds through legal action. Damilola Kusimo from Lotus Bank's communications department did not respond to inquiries at the time of publication.

Key Points: • Lotus Bank staff member Abdulkarim Arome Mohammed orchestrated a ₦1.5B fraud. • Fraud involved manipulation of Mudarabah profit distributions into unauthorized accounts. • The case is ongoing, with legal proceedings set to resume on June 16, 2026.

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Timeline

2023-01-01
Internal review initiated
Lotus Bank began a comprehensive internal review to investigate profit payment irregularities.
Thenigerianvoice
2024-05-01
Fraud scheme detected
The bank discovered the fraudulent diversion of ₦1.5B during its internal review.
Thenigerianvoice
2026-02-01
Additional defendants added
Lotus Bank continued to add defendants to the case in an effort to recover the stolen funds.
Thenigerianvoice
2026-05-22
Current proceedings adjourned
The Federal High Court proceedings regarding the fraud case have been adjourned until June 16, 2026.
Thenigerianvoice

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Lotus Bank