Premium Trust Bank’s e-payment service manager, Matthew Adeniyi, has been arraigned before a Federal High Court in Lagos on allegations of hacking into the bank’s server, marking a significant legal development in cybersecurity violations within the banking sector, as reported by Nairametrics.

Adeniyi, along with four co-defendants, Kehinde Odeyemi, a nursing mother, Samson Latshin, Bolaji Omotosho, and Sunday Okunnola, was formally charged by the Economic and Financial Crimes Commission (EFCC) before Justice Alexander Owoeye.

The charges, spread across six counts, include conspiracy, cybercrime, and unlawful access to the bank’s database.

The prosecutor, Mrs. Zeenat Atiku, alleged that the defendants committed the offence between April and May 2025, working in collaboration with three additional suspects who are currently at large. Those still evading law enforcement include Isa Ismaila, Victor Joshua, known by the alias ‘Oracle’, and another individual simply identified as Humble.

According to the prosecution, Adeniyi, the first defendant, unlawfully disclosed highly sensitive credentials, including the bank’s server IP and domain details, to his alleged accomplices. This unauthorized disclosure reportedly led to a security breach, allowing illicit access to the bank’s database.

“The breach resulted in a financial loss of $10,000,” the prosecutor stated, outlining the gravity of the cyber intrusion.

Additionally, Atiku revealed that the defendants attempted to intercept the bank’s network security systems and procured a Hewlett-Packard ProBook 440 G9 laptop (serial number SN#5CD2473N6G) specifically configured to bypass the financial institution’s cybersecurity protocols.

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Legal Proceedings and Bail Considerations
Despite the severity of the allegations, the defendants pleaded not guilty to the charges. The EFCC stated that the alleged offences violated the provisions of sections 12(1)(b), 27, 28(1)(b)(c), and 28(3) of the Cybercrimes (Prohibition Act, 2015, as amended in 2024).

Following their pleas, the prosecution sought a trial date and requested that the defendants be remanded in custody pending trial.

In response, the defence counsel made an oral application for bail, which the court declined, directing that a formal bail application be filed. Justice Owoeye subsequently adjourned the case to June 30 for trial and ruled that the defendants be remanded at the Nigerian Correctional Centre until their bail hearing.

The court further stated that the defence may apply for an earlier trial date upon filing their bail applications.

This high-profile cybercrime case underscores growing concerns about security vulnerabilities within financial institutions and the increasing sophistication of digital crimes.

What you should know
Financial crimes are usually perpetrated by staff of banks in collaboration with other outsiders.

Earlier this month, the Enugu Division of the Court of Appeal upheld the seven-year imprisonment of a convicted former employee of Guaranty Trust Bank, Onyekachi Nwosu, for his involvement in a loan fraud amounting to over N50 million.

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Last week, a staff member of Access Bank Plc, Abdulmajeed Agboola, narrated to the Special Offences Court sitting in Ikeja, Lagos, how the bank’s former employee, Olajide Ogunmoroti, allegedly accessed the bank’s server through a private laptop, resulting in a system glitch on customers account that led to a N5 billion fraud.

Experts have advised that by adopting safer banking habits, strengthening institutional security frameworks, and fostering stronger collaboration among stakeholders, financial institutions can minimize risks while continuing to enjoy the benefits of a secure and efficient digital financial system.

Nairametrics

The naira appreciated to N1,625/$1 in the parallel market on Tuesday, up slightly from N1,627/$1 recorded on Monday, according to data sourced by Nairametrics from currency traders in Lagos.

This marks the second consecutive day of gains for the naira in the parallel market this week.

The naira closed at N 1,588.50/$1 on Tuesday, according to data on the Central Bank of Nigeria (CBN) website.

On Monday, Nairametrics reported that the naira appreciated marginally to N1,597/$1 at the official market, ahead of the highly anticipated 300th Monetary Policy Committee (MPC) meeting.

Intra-day trading revealed persistent volatility, with the currency fluctuating between a high of N1,601.5/$1 and a low of N1,580/$1.

FX volatility falls below 0.5%, says CBN Governor
Speaking at a press briefing in Abuja on Tuesday following the MPC meeting, CBN Governor Olayemi Cardoso announced a significant decline in foreign exchange (FX) volatility, which has now dropped below 0.5%, down from over 4% a year ago.

Cardoso attributed the improved stability to Nigeria’s ongoing monetary and fiscal reforms, which he said are gradually restoring macroeconomic confidence.

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“If you look at the exchange rate, volatility has reduced from over 4% a year ago to less than half of 1% now. That’s an indication of stability,” he stated.

According to Cardoso, the improvement is the result of a consistent policy approach, orthodox monetary tightening, and enhanced transparency in CBN operations. He highlighted that early policy measures—such as liberalising the FX market, unifying exchange rates, and boosting FX supply through market-driven reforms—are beginning to yield measurable results.

Nigeria’s external reserves experience a “quantum leap”
Cardoso also disclosed that Nigeria’s net external reserves have surged from just over $3 billion to approximately $23 billion, a significant jump he described as a “quantum leap.”

This increase, he noted, is due to renewed investor confidence, greater transparency in reserve reporting, and the return of previously sidelined market participants. The CBN has resumed the regular publication of both gross and net reserves in a bid to foster market confidence and reduce speculative trading.

Gross reserves, which hovered around $33–34 billion in early 2024, are projected to rise further, bolstered by stronger oil receipts, reduced demand for fuel imports, and growing interest in Nigeria’s non-oil exports, especially natural gas.

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Delta State Governor, Rt. Hon. Sheriff Oborevwori, on Monday held that the state was safe and secure for investments as he lauded Premium Trust Bank for establishing a solid foundation in just three years.

He said that the relative security of life and property in the state was the real reason that many interests and corporate groups, including Premium Trust Bank, preferred to invest in it.

Oborevwori spoke at the inauguration of a branch of the bank in Effurun. The branch is the 21 of the bank, and it’s second in the Effurun area.

According to him, the state offers immense lucrative opportunities for investments and had enough of the vital resource of quality manpower to meet the needs of industry and other commercial undertakings in the state.

He commended the bank for its appreciable progress in the last three years highlighted by innovation, high-quality banking services, and excellent customer relations.

He praised the Managing Director, Pastor Emmanuel Emefienem, for his vision, courage, and dedication to the service of both God and humanity.

“Mr. Emefienem possesses the potential, tenacity, and passion for excellence. He is a typical ‘Warri boy’ full of ideas, energy, drive, and confidence,” the Governor said.

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“The establishment of this branch is not only a welcome addition to the retail banking sector but also provides a significant boost to the local economy of the twin cities of Effurun and Warri, which serve as commercial hubs of Delta State.

“This is a wise investment, as the area offers tremendous business opportunities. Retailers, market women, business owners, and workers now have greater access to quality banking services in a secure and customer-friendly environment.”

The Governor expressed optimism about the bank’s potential to generate employment in the state.

“I am upbeat about the prospects this bank presents for job creation. Many of our qualified youths can now be employed whether as professionals or in other staff categories. Likewise, contractors and suppliers will benefit from the bank’s presence,” he noted.

He urged the bank to prioritize employing youths from the local community, noting that Delta State is rich with talented, competent, and promising young people.

He said: “By practicing both corporate and social responsibility, the bank can foster strong community relations and earn the trust of its host community”.

Governor Oborevwori also emphasized that the establishment of the bank signals growing investor confidence in Delta State, which he described as safe and conducive for business.

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“While some security challenges persist, no society enjoys 100% security. Nevertheless, we are doing a lot to address these issues. Many arrests have been made for crimes like kidnapping and armed robbery but the police no longer publicize every case, as it may hinder investigations,” he explained.

The Managing Director of Premium Trust Bank, Mr. Emmanuel Emefienem, described the opening of the new branch as more than just an expansion but a reflection of the bank’s unwavering commitment to building trust, fostering prosperity, and empowering communities.

He said: “Since its inception on April 19, 2022, the bank has consistently pursued its vision to become the most trusted and impactful bank in Nigeria, earning widespread recognition for resilience, innovation, and excellence.

“Within just three years, Premium Trust Bank has achieved remarkable milestones, including reaching a balance sheet size of one trillion naira by the end of 2024.

“The bank is currently ranked among the top 12 most profitable banks in Nigeria. It has also received multiple awards, such as the Fastest Growing Bank in Africa (2024) from the Financial Derivatives Awards in the Netherlands, and Nigeria’s

Fastest Growing Bank in 2022 and 2023. In addition, the bank has been honored as the Most Innovative Bank and the Best Workplace for Women in Nigeria.”

Mr. Emefienem emphasized the bank’s alignment with the Delta State Government’s development agenda, noting that the bank’s values of excellence, innovation, and community empowerment complement Governor Oborevwori’s mission to drive economic growth and improve quality of life.

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He proudly announced the bank’s continued role as a lead sponsor and official banker for the 2025 National Sports Festival, set to take place this month in Abeokuta, reinforcing its commitment to youth and sports development.

As Premium Trust Bank deepens its presence in Delta State with its fourth branch and a fifth branch set to open soon, Mr. Emefienem reaffirmed the bank’s support for the state’s Medium-Term Development Plan (2024–2027).

He pledged ongoing collaboration with the government to create an enabling environment for businesses, empower SMEs, promote financial inclusion, and deliver sustainable value.

“To the people of Effurun, Warri, and surrounding areas, he dedicated the new branch as a hub for opportunity and prosperity, promising a continued partnership in driving collective progress.”

Nigeria has paid off $3.4 billion borrowed from the International Monetary Fund during the Covid-19 pandemic, exiting the list of countries that are in debt to the Washington-based lender.

The repayment is a mark of the country’s improved financial position, with the central bank’s net foreign exchange reserves reaching a three-year high last month.

Nigeria has sought to improve local dollar liquidity after years of running a fixed exchange rate regime that burdened the economy of Africa’s largest oil producer with a wildly overvalued local currency.

Here are five facts to know about the $3.4 billion repayment loan

1. Nigeria’s $3.4 billion loan from the IMF was one of the largest disbursements under the RFI globally at the time and came with relatively favourable terms compared to traditional IMF programmes.

2. The IMF granted Nigeria emergency assistance in April 2020 as the pandemic shuttered businesses around the world and countries closed their borders.

3. The West African nation now has no outstanding IMF debt, though the Fund expects it to honor some additional payments of roughly $30 million a year in Special Drawing Rights charges, IMF resident representative for Nigeria Christian Ebeke said in a separate statement.

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4. Earlier reports showed that debt servicing to the IMF surged to $1.63 billion in 2024, made up entirely of principal repayments, with no interest or charges recorded for that year. In total, Nigeria’s external debt servicing for 2024 amounted to $4.66 billion, an increase from $3.5 billion in 2023.

5. This loan repayment happened under President Bola Ahmed Tinubu

6. The IMF’s confirmation of the loan repayment is seen as a positive development for Nigeria’s external debt profile.

Fidelity Bank Plc, one of Nigeria’s leading Tier-1 financial institutions, has announced a remarkable financial performance for the first quarter of 2025. The company recorded a Profit Before Tax (PBT) of N105.8 billion, representing an impressive growth of 167.8% compared to N39.5 billion in Q1 2024.

The bank’s unaudited financial statements, released on the Nigerian Exchange (NGX) on April 30, 2025, highlight a substantial increase in Gross Earnings, which rose to N315.4 billion, marking a year-on-year growth of 64.2% from N192.1 billion in the same period last year.

Growth in interest income was primarily led by 38.6% yoy (7.4% ytd) expansion in earning assets base, while the increase in non -interest revenue came from FX-related income, trade and commission on banking services, etc., supported by increased customer transactions.

Dr. Nneka Onyeali-Ikpe, OON, Managing Director/Chief Executive Officer of Fidelity Bank Plc, stated, “We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth. This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year.”

Other areas of the unaudited financial statements, equally show a marked improvement with Total Deposits growing by 11.1% ytd to N6.6tn from N5.9tn in December 2024, driven by 10.6% ytd growth in low-cost deposits to N6.1tn, which represents 92.2% of total customer deposits.

Local currency deposits increased by 2.0% ytd, while foreign currency deposits increased by 21.4% from $1.9bn in December 2024 to $2.3bn. Net Loans and Advances increased by 5.0% ytd to N4.6tn. The growth in the bank’s Loan Book was skewed to LCY Loans as cost of risk declined to 0.6% from 1.5% in 2024FY.

“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability. As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” Onyeali-Ikpe added.

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Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The bank’s multiple local and international Awards include the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Fidelity Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

Not fewer than 88 customers of Wema Bank received cash prizes of over N14 million as part of the bank’s 80th-anniversary celebrations.

The anniversary reward scheme tagged ‘80-For-80’ campaign, which began on April 17, culminated in a grand gala held in Lagos. At the event, eight customers each received N1 million, while 80 other lucky winners took home N80,000 each.

The giveaway was a grand finale to the bank’s customer appreciation initiative, which aimed to celebrate the bank’s loyal customers.

Moruf Oseni, managing director/ CEO of Wema Bank, who presented dummy cheques to the winners, reiterated the lender’s commitment to continue impacting lives.

Oseni said, “Reaching 80 years is a celebration of longevity and a testament to the resilience of our brand and the trust of the people we serve. We chose to give back in this way because our customers are the heartbeat of our success. It gives us great joy to know that this celebration is also about the lives we can touch. At Wema Bank, every milestone is an opportunity to show appreciation and deepen our connection with the people who make our journey possible.”

Kazeem Lawan, one of the eight winners, said: “Being among the 80th-anniversary raffle draw winners was completely unexpected. Hearing my name announced as a winner was surreal. I’m grateful for the surprise and thrilled to have been part of celebration.

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