A case involving cybersecurity breaches in Nigeria’s banking industry is unfolding as the Economic and Financial Crimes Commission (EFCC) has arraigned Matthew Adeniyi, the e-payment service manager of Premium Trust Bank, before the Federal High Court in Lagos. The case centers on allegations of unauthorized access to the bank’s server, marking a significant moment in the prosecution of digital financial crimes.
Adeniyi appeared in court alongside four others—Kehinde Odeyemi, a nursing mother; Samson Latshin; Bolaji Omotosho; and Sunday Okunnola. They were brought before Justice Alexander Owoeye to face a six-count charge comprising conspiracy, cybercrime, and illegal access to a protected banking database.
Allegations and Case Background
Prosecuting counsel, Mrs. Zeenat Atiku, alleged that the cyber intrusion occurred between April and May 2025, in collaboration with three accomplices who are currently on the run: Isa Ismaila, Victor Joshua (alias ‘Oracle’), and another individual known simply as Humble.
According to the EFCC, Adeniyi, who served as the bank’s e-payment service manager, unlawfully disclosed critical access credentials—including server IP addresses and domain information—to his co-conspirators. This unauthorized release of sensitive information reportedly compromised the bank’s network systems.
“The breach resulted in a financial loss of $10,000,” the prosecutor stated, stressing the seriousness of the cyberattack.
Further investigation revealed that the group attempted to override the bank’s security architecture and had procured a Hewlett-Packard ProBook 440 G9 laptop (Serial No. SN#5CD2473N6G), allegedly programmed to bypass the institution’s cybersecurity protocols.
Court Proceedings and Bail Status
All defendants pleaded not guilty to the charges. The EFCC stated that the offenses contravened sections 12(1)(b), 27, 28(1)(b)(c), and 28(3) of the Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015, as amended in 2024.
- Following their pleas, the prosecution requested a trial date and urged the court to remand the accused in custody pending trial.
- The defence made an oral application for bail, but Justice Owoeye declined the request, instructing that a formal bail application must be submitted.
- The court adjourned the matter to June 30 for trial and ordered that the defendants be held at the Nigerian Correctional Centre until their bail hearing.
Justice Owoeye also indicated that the defence could request an earlier trial date upon filing their bail applications.
Context and Sectoral Implications
This case highlights the persistent threat of insider-assisted financial crimes in Nigerian banks. Similar incidents have recently come to light:
- Earlier this month, the Court of Appeal in Enugu upheld the seven-year imprisonment of a former Guaranty Trust Bank employee, Onyekachi Nwosu, over a N50 million loan fraud.
- Just last week, a staff member of Access Bank Plc, Abdulmajeed Agboola, testified before the Special Offences Court in Ikeja, Lagos, detailing how a former employee, Olajide Ogunmoroti, allegedly used a private laptop to infiltrate the bank’s system—resulting in a N5 billion fraud.
Cybersecurity experts continue to urge financial institutions to bolster internal controls, adopt robust technological safeguards, and enhance cross-sector cooperation to mitigate risks in the rapidly evolving digital banking environment.
