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Premium Trust Staff Refuse ₦10.7M Bribe to Protect Bank IP

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Heroism in Banking: Premium Trust Staff Turns Down N10.7M Bribe to Protect Bank’s IP Address

The banking sector in Nigeria, and indeed across Africa, is increasingly targeted by sophisticated cybercriminals. In a commendable display of integrity, Ajayi Michael Folaseye, an IT professional at Premium Trust Bank, resisted a significant bribe to protect the bank’s internal systems. This courageous act highlights the critical role of ethical behavior in safeguarding financial institutions from cyber threats and preventing widespread financial loss. The incident underscores the need for robust cybersecurity measures and a culture of vigilance within the banking industry across Africa.

The Anatomy of a Failed Cybercrime Attempt

According to court testimony, Ajayi Folaseye, employed in Premium Trust Bank’s Information Technology department, was approached by a colleague, Kehinde Odeyemi, with a shocking proposition. Odeyemi, an internal auditor, offered Folaseye a substantial sum of ₦10.7 million (approximately $7,000) in exchange for compromising the bank’s internal network. The goal, as alleged, was to gain unauthorized access to sensitive data. This attempted bribe reveals the lengths to which some individuals will go to exploit vulnerabilities within the banking system. The matter is now before Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos, with Odeyemi and another employee, Matthew Adeniyi Damilola, facing trial alongside other individuals for conspiracy to steal. The Economic and Financial Crimes Commission (EFCC) is prosecuting the case, further emphasizing the severity of the alleged offenses. This incident serves as a cautionary tale, highlighting the critical need for rigorous internal audits, security protocols, and the importance of employee loyalty to protect financial institutions.

This brave act by Folaseye deserves recognition and serves as an example of the importance of ethical conduct and cybersecurity diligence within the African banking sector. It reminds us of the constant vigilance required to combat the ever-evolving threat landscape of financial crime.

Keywords

Related Keywords: Premium Trust Bank, IP address compromise, 107M bribe, bank security, staff corruption, Nigerian banking, cybersecurity threat, rejected bribe, bank IP, data breach risk

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