How Premium Trust staff rejected ₦10.7M to compromise bank’s IP address

A Premium Trust Bank employee, Ajayi Michael Folaseye, has given an account of how he rejected a ₦10.7 million ($7,000) bribe offered by a colleague seeking access to the bank’s internal system. The development further heightened the fraudulent activity orchestrated by bank staff.

In a case before Justice Alexander Owoeye of the Federal High Court, Ikoyi, Lagos, on Monday, Folaseye, a first prosecution witness, testified in the ongoing trial of Kehinde Odeyemi and Matthew Adeniyi Damilola, both employees of Premium Trust Bank, who are facing trial alongside three others, Samson Latshin Dakup, Bolaji Omotosho Yinka, and Sunday Badeniyi Okunola, on a seven-count charge bordering on conspiracy to steal brought against them by the Economic and Financial Crimes Commission (EFCC).

Folaseye, who works in the Information Technology (IT) department of Premium Trust Bank, noted that Kehinde Odeyemi, an internal auditor, made a fraudulent offer during an intense conversation on May 5, 2025. He claimed that Odeyemi approached him for a generic IP (Internet Protocol) address used with the IT department in exchange for monetary rewards.

“She approached me during the office hours and suggested we could make some money through a ‘side gig. She asked for a generic IP address used within the IT department,” he said.

In response, Folaseye testified that he denied the presence of such a generic address and that he only possessed a personal IP address assigned to him for daily activities. Upon his refusal, Odeyemi allegedly offered him ₦7.7 million ($5,000) in cash with a delivery promise from the bank’s head of office that evening. After he declined again, she raised the offer to ₦10.7 million ($7,000).

“I told her I wasn’t interested. She then told me to keep the conversation secret and threatened to resign if I reported it,” Folaseye told the court.

Following the approach, he immediately tried to report the incident to his supervisor, Mr. Kenneth Nwaeze. While Nwaeze was unavailable, he reported the incident to Mr. Idris Adegoke and eventually to the bank’s Head of IT, Mr. Mike Koledoye.

In swift response to the issue, Koledoye convened a meeting on May 6, 2025, with all parties involved, heard their accounts, and directed that appropriate security measures be taken. Thereafter, Folaseye and two other staff members of the bank were invited by the EFCC on May 13 to make their formal statements.

The case follows the incident of an Ecobank staff member, Solomon Ufayo, who was sentenced to one year in prison for cyberfraud involving ₦2.4 million. 

Read More: Ecobank staff jailed for one year over ₦2.4m cyberfraud blames hardship.

Sensitivity of the bank’s IP address 

According to Folaseye, the IP address requested by Odeyemi was a sensitive access point to the Premium Trust Bank’s server and databases, and sharing such would violate the bank’s data protection policy.

“It is a code that grants access to customer data and core banking operations. Disclosing it would pose serious cybersecurity risks. My department is the backbone of the bank, we warehouse all transaction data. A breach could lead to cyber attacks or loss of customer trust,” he added.

Explaining why he chose to report the matter despite being urged to remain silent, Folaseye noted that, stemming from past incidents, the bank mandates employees to report any suspicious behaviour immediately. 

“It could have been a trap or an integrity test,” he said.

An IP address is a unique numerical label assigned to each device connected to a computer network that uses the Internet Protocol for communication. It serves as a digital address, enabling devices to send and receive data across the internet or local networks. Essentially, it’s how devices identify and locate each other online. 

An IP address is like an online home address, telling the internet where to send emails, messages, and data. Without it, devices wouldn’t be able to communicate with other devices online. 

The prosecution 

The EFCC had on May 20, 2025, arraigned Odeyemi, Damilola, and three others before the Lagos High Court on a seven-count charge of conspiracy to steal from the Premium Trust Bank’s funds and committed an offence contrary to Section 27 and 28 (1) (b) of the Cybercrimes (Prohibition, Prevention, Etc) Act, 2015 (as amended, 2024), which is punishable under Section 28 (2) of the same Act.

During the proceedings, the first defendant’s counsel, Adeleke Adepoju, applied for an adjournment, referring to inadequate access to prosecution materials for trial preparation. Also, counsel for the second and fifth defendants, Olusola and A. Oliha, respectively, objected to the trial commencing, arguing that the proof of evidence was unclear and unreadable.

Meanwhile, EFCC counsel Oyedepo opposed the applications, noting that the prosecution had served the documents since June 19.

“If the defence had concerns, they should have informed us before today. Everyone agreed to this trial date,” he said, urging the court to proceed.

In his ruling, Justice Owoeye dismissed the applications and ordered the prosecution to proceed with its first witness. The case was adjourned to July 18, 2025, for further hearing.

The prosecution sought to tender the witness’ written statement to the EFCC as evidence.

Although defence counsel objected, citing illegibility, Justice Owoeye admitted the document, stating that the issues raised were matters for cross-examination and not sufficient to render the document inadmissible.