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In a startling development, a staff member of the fintech company PalmPay has been apprehended for allegedly siphoning N2.6 million from a merchant’s account into an undisclosed destination.
The accused, identified as Seja Matthew Oluwatimilehin, purportedly exploited his access to the merchant’s account obtained during the onboarding process. Over the course of three months, from January to March 2024, he incrementally transferred the funds without the merchant’s knowledge.
The illicit activity came to light when the merchant noticed irregular transactions and promptly reported the matter to Palmpay’s office in Opebi. Subsequent investigations conducted by the merchant’s team pointed fingers at Seja Matthew as the perpetrator.
“On Thursday, 21st March 2024, the merchant’s team launched an immediate probe to trace the fund’s movement and account management. It was revealed that Seja Matthew Oluwatimilehin had illicitly diverted these funds,” stated an official familiar with the investigation.
Upon being confronted, Seja Matthew reportedly confessed to the allegations but failed to provide clarity on the whereabouts of the diverted funds. Despite claims of returning N500,000 to the merchant’s account, the restitution remains unverified.
The case has since been escalated to the Nigerian Police Area F in Ikeja, Lagos State, for further investigation and legal proceedings. Authorities are working diligently to ascertain the full extent of the incident and hold the perpetrator accountable.
The accused’s motives for the unlawful act remain undisclosed, leaving lingering questions about the integrity of internal security measures within the fintech company.