Hackers steal MK700 Million in Malawi fuel deal

The National Oil Company of Malawi Limited (NOCMA) has lost US$403,605, about K700 million, after hackers tricked the company into sending money to a fake bank account.

NOCMA says the hackers pretended to be Mozhandling Limited, a company in Mozambique that handles fuel shipments through the Port of Nacala.

The company says the hackers gained access to email communication between NOCMA and Mozhandling and sent fake bank details, claiming that the company had opened a new account with Bank of America.

Believing the details were genuine, NOCMA instructed the National Bank of Malawi on April 29, 2026 to transfer US$403,605 to the account provided by the hackers.

The fraud was discovered about two weeks later when a genuine representative of Mozhandling contacted NOCMA to ask about the payment, which had not been received.

NOCMA then reported the matter to the Malawi Police Service, while Bank of America has also started investigations to help trace the money and those behind the fraud.

Meanwhile, NOCMA management says weaknesses in its systems contributed to the loss.

The company says some of the weaknesses came after government introduced the Government-to-Government fuel procurement system before proper operational and cyber security procedures were in place.

NOCMA says it has since returned to the Open Tender System and is reviewing its payment checks to prevent similar fraud.

The company says it will continue working with the police and Bank of America as investigations into the K700 million loss continue.