The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has admitted the cyber attacks that targeted six major banks across the country lately.
Making the admission during a televised interview with TVC News on Sunday, Olukoyede revealed that anti graft agency is currently investigating the cyber attacks.
According to him, insiders working within the banks helped cyber criminals gain unauthorized access to critical internal systems. Thus, allowing them to siphon funds and redirect them through various channels including customer accounts, Point-of-Sale (POS) terminals, and crypto wallets.
Olukoyede stated that EFCC has already recovered over ₦9 billion for one of the affected banks and about ₦6 billion for another. He, however, did not name the institutions involved for reputational reasons.
The EFCC Chairman emphasized that “this level of breach would not have been possible without collaboration from within.”
He said, “These cyber hackers didn’t just break in; they were let in.”
“They plug devices into the bank’s network with help from staff. These devices allow criminals—some of whom operate from outside Nigeria—to take control of the bank’s platform remotely.
“It’s the same level of access a bank account officer has, and it can be used to move billions in seconds.”
Recall that cybersecurity experts have long warned of the increasing vulnerability of Nigeria’s digital financial systems, particularly as electronic transactions surge.
According to the Nigeria Inter-Bank Settlement System (NIBSS), Nigerian banks lost ₦52.26 billion to fraud in 2024. Showing a sharp rise from ₦17.67 billion in 2023, representing a 196% increase over five years.
Despite a decline in the number of reported fraud cases—from 101,624 in 2020 to 70,111 in 2024—the monetary value of the losses skyrocketed. Suggesting that each incident is becoming more damaging.
The EFCC Chairman noted that the Commission has been careful not to disclose details that could trigger public panic or mass withdrawals.
He said, “It’s not the banks’ fault per se, but rather the failure of some of their staff.”
“Bank executives must “look inwards” to address the root of the breaches,” Olukoyede added.
A financial risk analyst and lecturer at the University of Lagos, Dr. Mojisola Ayodele spoke on the dangers of insider fraud.
“The growing threat of insider fraud could erode public trust in Nigeria’s financial institutions if left unaddressed.”
“We are already seeing reduced confidence, especially among retail customers who fear their savings could vanish overnight,” she said.
“If systemic breaches continue, the entire digital banking ecosystem could be compromised. Which would be catastrophic for a country trying to promote cashless transactions and financial inclusion.”
Following the disturbing developments, analysts have called for urgent regulatory reforms to the fraud. These they said included tighter staff vetting, robust cybersecurity training, and more investment in fraud detection systems.
There are also calls for the Central Bank of Nigeria (CBN) to issue stiffer penalties for internal breaches and enforce regular audits of IT infrastructure across banks.
According to a Lagos- based cybersecurity consultant, Basil Udom, This trend is not surprising.
“Financial institutions have expanded their digital offerings rapidly. But internal controls have not kept pace.
“Insider fraud is the silent killer. Staff are often poorly vetted, underpaid, or compromised. Once a hacker finds an ally inside, the bank’s perimeter defenses become useless,” Udom said
“In some countries, the failure to report or act on insider threats is a crime in itself,” says Udom.
“Nigeria’s regulatory environment must evolve quickly to match the sophistication of these threats,” he added.
According to the anti graft agency boss, the EFCC is reportedly still pursuing several suspects, including some bank staff and external hackers believed to be operating from overseas. Particularly from Eastern Europe and the United States. The agency is also monitoring digital wallets and crypto accounts used to launder the stolen funds.
Olukoyede affirmed that the Commission is committed to tracking and recovering every stolen kobo.
“We’re working with international partners. This is a transnational crime, and we will leave no stone unturned,” he said.
source: National Daily Newspaper