A cyber syndicate allegedly stole NGN 7.7 B approximately USD 5.5 M from a major telecommunications company by hacking its core systems to divert vast quantities of airtime and mobile data . The Nigeria Police Force announced the arrest of six suspects, revealing a complex fraud that exploited internal vulnerabilities to treat digital airtime like cash .
The scheme began with a critical breach. Investigators found that the criminals gained access not by attacking the companys external defenses, but by compromising the login credentials of internal staff . This allowed them to infiltrate the telecoms core billing and payment systems undetected . Once inside, they executed large-scale, illegal diversions of prepaid airtime and data resources .
This fraud highlights a fundamental aspect of Africas telecom landscape as prepaid airtime functions as a liquid, digital-currency alternative. The syndicates operation essentially involved hacking the mint and printing unlimited digital cash, which they could then sell on the retail market for real money.
