The Economic and Financial Crimes Commission (EFCC) has revealed ongoing efforts to assist six Nigerian banks in recovering billions of Naira siphoned through coordinated cyberattacks executed with insider collusion.
Speaking in an interview on TVC on Sunday, EFCC Chairman, Mr. Ola Olukoyede, confirmed that hackers infiltrated the systems of several major Nigerian banks. He refrained from naming the affected institutions to safeguard their reputation.
“As I’m talking to you, we have about six banks—I will not mention names because of their image—that have been hacked into by young people,” Olukoyede disclosed.
The Commission, according to Olukoyede, has already recovered over ₦9 billion for one of the institutions involved, describing it as “a major bank.”
“For another one, we’ve been able to save about N6 billion,” he said.
Insider Complicity Exposed
Olukoyede explained that the cyberattacks were facilitated by internal staff of the banks, who collaborated with the hackers by allowing access through malicious devices plugged into core systems.
“They actually do it with the insiders, the bank staff. They will plug the device into their platform, wherever the other person is, even if he’s outside Nigeria, he will be able to control the platform of the bank.
“So, from there, wherever, whether it’s in Eastern Europe or America, he can move money. He can move billions in seconds just the way your bank account officer can move your money in and out of your account,” the EFCC Chairman said.
He further noted that although hackers may not immediately extract all stolen funds, they often divert the money into numerous customer accounts, digital wallets, and point-of-sale terminals before making withdrawals.
“So many banks are vulnerable as I’m talking to you now. But that may not have been possible without the connivance of the bank staff,” he emphasized.
EFCC’s Intervention and the Larger Impact
Olukoyede stated that the EFCC’s intervention is crucial due to the severe economic implications of financial fraud on the country’s banking system.
He mentioned that the agency has been actively addressing the issue behind the scenes to prevent public alarm that could spark panic withdrawals.
“It’s not the fault of the bank, but it’s the fault of the staff of the bank, some of the staff. And that’s why we have told the bank executives, look inwards.
“There is no way this act could be carried out successfully without the connivance of your staff. In all the cases we have seen, we’ve always seen the hand of bank staff,” he said.
Alarming Rise in Financial Fraud
Data from the Nigeria Inter-Bank Settlement System (NIBSS) underscores the growing challenge. Nigerian banks reportedly lost ₦52.26 billion to fraud in 2024—an increase of ₦34.59 billion from ₦17.67 billion in 2023.
Despite a 31% decline in the total number of fraud cases—from 101,624 in 2020 to 70,111 in 2024—the financial impact has worsened significantly. Within five years, the total loss surged by 350%, jumping from ₦11.61 billion in 2020 to ₦52.26 billion in 2024, in parallel with increased digital financial activity.
