Premium Trust Bank’s e-payment service manager, Matthew Adeniyi, has been arraigned before a Federal High Court in Lagos on allegations of hacking into the bank’s server, marking a significant legal development in cybersecurity violations within the banking sector.
Adeniyi, along with four co-defendants, Kehinde Odeyemi, a nursing mother, Samson Latshin, Bolaji Omotosho, and Sunday Okunnola, was formally charged by the Economic and Financial Crimes Commission (EFCC) before Justice Alexander Owoeye.
The charges, spread across six counts, include conspiracy, cybercrime, and unlawful access to the bank’s database.
Allegations and Case Details
The prosecutor, Mrs. Zeenat Atiku, alleged that the defendants committed the offence between April and May 2025, working in collaboration with three additional suspects who are currently at large. Those still evading law enforcement include Isa Ismaila, Victor Joshua, known by the alias ‘Oracle’, and another individual simply identified as Humble.
According to the prosecution, Adeniyi, the first defendant, unlawfully disclosed highly sensitive credentials, including the bank’s server IP and domain details, to his alleged accomplices. This unauthorized disclosure reportedly led to a security breach, allowing illicit access to the bank’s database.
“The breach resulted in a financial loss of $10,000,” the prosecutor stated, outlining the gravity of the cyber intrusion.
Additionally, Atiku revealed that the defendants attempted to intercept the bank’s network security systems and procured a Hewlett-Packard ProBook 440 G9 laptop (serial number SN#5CD2473N6G) specifically configured to bypass the financial institution’s cybersecurity protocols.
Legal Proceedings and Bail Considerations
Despite the severity of the allegations, the defendants pleaded not guilty to the charges. The EFCC stated that the alleged offences violated the provisions of sections 12(1)(b), 27, 28(1)(b)(c), and 28(3) of the Cybercrimes (Prohibition Act, 2015, as amended in 2024).
- Following their pleas, the prosecution sought a trial date and requested that the defendants be remanded in custody pending trial.
- In response, the defence counsel made an oral application for bail, which the court declined, directing that a formal bail application be filed. Justice Owoeye subsequently adjourned the case to June 30 for trial and ruled that the defendants be remanded at the Nigerian Correctional Centre until their bail hearing.
- The court further stated that the defence may apply for an earlier trial date upon filing their bail applications.
This high-profile cybercrime case underscores growing concerns about security vulnerabilities within financial institutions and the increasing sophistication of digital crimes.
What you should know
Financial crimes are usually perpetrated by staff of banks in collaboration with other outsiders.
- Earlier this month, the Enugu Division of the Court of Appeal upheld the seven-year imprisonment of a convicted former employee of Guaranty Trust Bank, Onyekachi Nwosu, for his involvement in a loan fraud amounting to over N50 million.
- Last week, a staff member of Access Bank Plc, Abdulmajeed Agboola, narrated to the Special Offences Court sitting in Ikeja, Lagos, how the bank’s former employee, Olajide Ogunmoroti, allegedly accessed the bank’s server through a private laptop, resulting in a system glitch on customers account that led to a N5 billion fraud.
Experts have advised that by adopting safer banking habits, strengthening institutional security frameworks, and fostering stronger collaboration among stakeholders, financial institutions can minimize risks while continuing to enjoy the benefits of a secure and efficient digital financial system.
