EFCC bank hacking trial exposes Premium Trust cyber breach attempt in Lagos

EFCC bank hacking trial opens in Lagos as two bank staff and others face charges for cybercrime plot targeting Premium Trust Bank servers

EFCC bank hacking trial began in Lagos on June 24 as five suspects, including two employees of Premium Trust Bank, faced prosecution for allegedly conspiring to compromise the bank’s internal server systems and steal customers’ funds.

Also read: EFCC arraigns three bankers, four accomplices over alleged N8.5bn fraud in Lagos

The Federal High Court in Lagos heard damning testimony about a failed bribery attempt and a sophisticated cyber intrusion plan.

Key prosecution witness Mr. Ajayi Michael Folaseye, an IT staffer at the bank, testified that his colleague Kehinde Odeyemi, an internal auditor, offered him a $7,000 bribe to gain access to a sensitive IP address linked to the bank’s internal systems.

“She asked for a backdoor into the system,” Ajayi told the court presided over by Justice Alexander Owoeye. “I refused and reported the incident to our Head of IT.”

Ajayi recounted that Odeyemi first offered $5,000 before raising it to $7,000 when he resisted. She reportedly asked him to keep silent and even threatened to resign.

His swift internal report triggered an emergency management meeting and eventually led to an EFCC investigation.

“The IP she wanted would have granted access to customer data and operational systems. If exploited, it could have caused a major breach,” Ajayi said.

The EFCC, led by Senior Advocate of Nigeria Rotimi Oyedepo, with Bilkisu Buhari and Hannatu Kofaransa, tendered Ajayi’s written statement.

Despite defence objections over its legibility, Justice Owoeye admitted it into evidence, stating that the concerns would be addressed during cross-examination.

The accused include Odeyemi, another bank staff Matthew Adeniyi Damilola, and three external collaborators: Samson Latshin Dakup, Bolaji Omotosho Yinka, and Sunday Badeniyi Okunola.

They are standing trial on a seven-count charge covering conspiracy to commit cybercrime and theft. Several other suspects, such as one Victor Joshua Ilemona (aka Oracle), remain at large.

According to the charge, the group planned to alter domain credentials and manipulate Premium Trust Bank’s server between April and May 2025.

The EFCC alleges the aim was to illegally siphon funds from customer accounts, violating the Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015, as amended in 2024.

In court, defence counsel sought an adjournment, citing incomplete access to materials and unclear proof of evidence.

The prosecution opposed the request, arguing that materials were delivered since June 19. Justice Owoeye overruled the objection and allowed the trial to proceed, setting July 18 for continuation.

The EFCC bank hacking trial has since sparked nationwide discussion about insider threats in Nigeria’s banking sector.

Financial analysts have flagged the case as a wake-up call for tighter cybersecurity measures and ethical screening within financial institutions.

“This is not just a crime of opportunity,” said a financial sector expert in Lagos, “but a test of how well our systems can withstand internal betrayal. It’s clear we need more than just firewalls; we need rigorous personnel protocols.”

The trial continues amid growing calls from stakeholders for more robust regulatory enforcement and whistleblower protections within banks.