In May 2025, staff members at PremiumTrust Bank stood firm and refused a corrupt offer of ₦10.7 million. The bribe aimed to compel them into disclosing the bank’s server IP address and domain access credentials. Investigators later confirmed that this attempt linked directly to a plot to breach the bank’s database infrastructure. Their action helped prevent something that could have been a devastating security breach targeting the bank’s database and depositors’ funds.
The Cybercrime Plot Uncovered
The Economic and Financial Crimes Commission (EFCC) arraigned five individuals connected to the plot before Justice Alexander Owoeye at the Federal High Court in Lagos. Among them was Matthew Adeniyi Damilola, a former e-payment service manager at PremiumTrust Bank. Others include Kehinde Odeyemi, Samson Latshin Dakup, Bolaji Onotosho Yinka and Sunday Badeniyi Okunnola.
They were charged with conspiracy, cybercrime and unlawful access to data systems. The syndicate’s objective was to gain access to the bank’s core server, bypass its security infrastructure and move funds totaling $10,000 (approximately ₦10.7 million). The EFCC also listed three other suspects still at large, known by their aliases “Humble”, “Oracle” (Victor Joshua Ilemona), and “Isa Ismaila”.
Insider Compromise Thwarted
According to court documents, Damilola allegedly leaked sensitive digital credentials including the bank’s server IP and login information. This data was to be used by the cybercriminal group to hack into the bank’s systems. The suspects had even procured a Hewlett-Packard ProBook laptop specially configured to execute the hack and bypass bank security. However the bank’s internal controls and cooperation with the EFCC stopped the plan before it could be executed.
Despite the critical information being exposed, the swift intervention ensured that no actual breach occured and no customer funds were lost.
Legal Action and Trial
All five defendants pleaded not guilty. The court denied them bail and they remain in custody at the correctional centre pending trial, which resumed on the 30th of June, 2025. The EFCC insists that its evidence shows the group clearly intended to commit digital theft and compromise sensitive bank infrstructure.
PremiumTrust Bank, in a public statement, praised its staff for acting with professionalism and refusing to be a part of the scheme. The bank also reassured its customers of the strength of its cybersecurity systems, noting that proactive monitoring helped detect the suspicious activities early.
A Wake-up Call for Nigeria’s Financial Sector
This event underlines the rising risk of insider-assisted cyberattacks withing Nigeria’s financial institutions. It also demostrates that strong internal protocols, employee ethics and rapid response from law enforcement caneffectively thwart high-level cyber threats.
Going forward, experts suggest that banks must enhance access controls, increase employee vetting and invest in ongoing cybersecurity training to reduce human vulnerabilities.
The PremiumTrust Bank incident could have led to a major breach affecting thousands of customers, but the staff’s rejection of a ₦10.7 million bribe was a turning point. Their integrity, combined with EFCC’s quick intervention, averted disaster. As the case unfolds in court, the banking industry and the public are reminded of the importance of vigilance, accountability and ethical conduct in protecting Nigeria’s digital financial infrastructure.
