EFCC Boss Warns Of Insider-aided Cyberattacks On Nigerian Banks

Tuesday May 27, 2025|

The Chairman of the Economic and Financial Crimes Commission (EFCC), Barrister Ola Olukoyede, has raised concerns over a wave of sophisticated cyberattacks targeting Nigerian banks, revealing that insiders are collaborating with foreign hackers to siphon off billions of naira.

Speaking on TVC News’ Journalists Hangout, Olukoyede disclosed that six commercial banks have been hit by coordinated cyber intrusions involving a syndicate of local and international criminals exploiting internal vulnerabilities.

According to him, compromised bank employees have played a crucial role in granting unauthorized access to hackers operating from countries including the United States and Eastern Europe.

Once access is gained, the attackers swiftly transfer large sums of money within seconds.

“These are highly coordinated attacks, and insiders play a critical role. In some cases, billions were moved in a matter of moments, but we were able to recover N9.7 billion, N6.7 billion, and N3.7 billion in three separate incidents,” Olukoyede revealed.

He clarified that while the attacks are severe, the institutions themselves are not to blame. Rather, the breaches stem from actions of rogue staff.

The EFCC boss urged bank executives to tighten internal security measures and launch thorough audits to prevent further breaches.

“We’re managing public communication on this carefully to avoid widespread panic. But I assure Nigerians, we are on top of the situation,” he said.

The anti-graft agency has also made progress in cracking down on digital fraud. Olukoyede revealed that significant sums linked to the CBEX Ponzi scheme were traced and recovered from cryptocurrency wallets.