“I Refused $7,000 Bribe”: Witness Exposes Insider Fraud Plot at Lagos Bank

 

Bank employee rejects $7000 bribe to compromise company’s system

A Federal High Court sitting in Ikoyi, Lagos, on Monday heard testimony from Ajayi Michael Folaseye, who described how he turned down a $7,000 bribe allegedly offered by a colleague attempting to gain unauthorized access to Premium Trust Bank’s internal systems.

Ajayi, serving as the first prosecution witness, appeared before Justice Alexander Owoeye. He recounted that the bribe was meant to persuade him to compromise the bank’s security protocols.

“In the course of my work, someone offered me $7,000 to allow access to the bank’s internal systems,” Ajayi testified. “I declined the offer immediately and reported the attempt to the appropriate authorities.”

The trial involves two bank employees, Kehinde Odeyemi and Matthew Adeniyi Damilola, who stand accused along with three other individuals Samson Latshin Dakup, Bolaji Omotosho Yinka, and Sunday Badeniyi Okunola. The five defendants are facing a seven-count charge related to conspiracy and attempted theft.

Prosecutors from the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) allege that the defendants conspired to exploit internal security weaknesses within the bank’s system to siphon funds fraudulently. According to the EFCC, the case underscores broader efforts to combat insider threats and financial crimes in Nigeria’s banking sector, where compromised employees can enable sophisticated fraud schemes.

An EFCC representative explained that the investigation began after reports of suspicious activities suggesting collusion by bank staff. “Financial institutions remain vulnerable when employees are willing to abuse their access. This prosecution is part of our strategy to deter such behaviour and protect depositors’ funds,” the spokesperson added.

Following Monday’s proceedings, the court adjourned the matter to allow the prosecution to present additional witnesses. The EFCC has indicated it will continue to call evidence to establish the alleged conspiracy and the defendants’ roles in the attempted fraud.

The case has drawn public interest as concerns grow about the role of insider threats in enabling financial crime. Analysts note that successful prosecutions of such cases may help restore confidence in the integrity of the banking system, which has faced repeated challenges from cyber fraud, account takeovers, and internal collusion.