Premium Trust Bank is currently in a turmoil as E-Payment Manager faces cybercrime charges over server hack.
In a development that has further shaken confidence in Nigeria’s banking sector, Premium Trust Bank has been hit by a major internal cybersecurity scandal, with its own e-payment service manager standing at the center of a damning cybercrime case.
NewsOnline Nigeria reports that the Economic and Financial Crimes Commission (EFCC) has arraigned Matthew Adeniyi, the bank’s e-payment head, before a Federal High Court in Lagos for allegedly orchestrating a cyberattack on Premium Trust Bank’s own server, compromising its digital infrastructure and exposing glaring weaknesses in the bank’s internal security systems.
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Adeniyi was arraigned alongside four co-defendants Kehinde Odeyemi (a nursing mother), Samson Latshin, Bolaji Omotosho, and Sunday Okunnola on a six-count charge bordering on conspiracy, unlawful access to a protected system, and cyber-enabled fraud. The charges stem from a coordinated attack allegedly carried out between April and May 2025.
Internal Sabotage: An Insider Compromises the Core
According to EFCC prosecutor Zeenat Atiku, Adeniyi abused his privileged position as an insider by leaking the bank’s server IP and domain credentials to external accomplices, three of whom remain at large. The breach enabled unauthorized access to Premium Trust Bank’s database, resulting in a documented financial loss of $10,000 a figure that may only scratch the surface if full forensic audits are undertaken.
The still-evading suspects include Isa Ismaila, Victor Joshua (alias “Oracle”), and a third identified only as Humble.
In a move that raises even more questions about the bank’s cybersecurity posture, the EFCC revealed that the defendants procured a Hewlett-Packard ProBook laptop specifically configured to bypass the bank’s security protocols, further undermining claims of any robust digital defense strategy by the institution.
A Pattern of Institutional Weakness in Nigerian Banks
The court proceedings mirror a growing trend in which bank staff, those entrusted with maintaining digital trust become the very agents of fraud, exposing chronic vulnerabilities in governance and IT compliance.
This case adds Premium Trust Bank to a growing list of Nigerian financial institutions riddled with insider fraud. Just weeks ago, Access Bank was rocked by revelations in court that a former employee used a personal laptop to access its servers, triggering a N5 billion fraud.
Industry Experts Slam Premium Trust’s Lax Controls
Financial analysts say the latest incident reflects a deeper institutional malaise a failure to enforce critical access controls and vet staff handling sensitive infrastructure. “That an e-payment manager had unrestricted access to server credentials and could leak them without immediate detection is an indictment of Premium Trust Bank’s security framework,” one expert said.
Despite Premium Trust Bank’s silence on the issue, the damage is already done. Public confidence is shaken, and the institution now finds itself battling the dual threat of reputational ruin and possible regulatory sanctions.
Court Actions and Fallout
All five defendants pleaded not guilty. However, the court declined their oral bail applications and ordered that they be remanded at the Nigerian Correctional Centre pending formal bail hearings. The trial is scheduled to begin on June 30, 2025, though defense counsel may apply for an earlier date.
A Warning Sign to the Banking Sector
This case sends a chilling message to Nigeria’s financial sector: technology investments are meaningless without rigorous access control, internal surveillance, and a culture of accountability. As insider threats continue to unravel even the most digitized banking institutions, systemic reform, not just IT upgrades may be the only way forward.
