The Economic and Financial Crimes Commission (EFCC) has confirmed an ongoing investigation into a massive cyber fraud involving six major Nigerian banks, with billions of naira reportedly stolen by hackers.
Speaking during a live interview on TVC, the EFCC Chairman, Mr. Ola Olukoyede, disclosed that the Commission is working to recover the stolen funds and has already retrieved over ₦9 billion for one of the affected banks.
“Currently, we are handling cases involving about six banks—although I won’t mention their names to protect their image,” Olukoyede stated. “This is a major breach. For one bank, we’ve already recovered ₦9 billion, and for another, about ₦6 billion.”
Olukoyede revealed that the attacks were perpetrated with the active collaboration of insiders in the affected banks. He explained that devices were physically plugged into the banks’ systems, allowing hackers—sometimes operating from outside Nigeria—to gain full remote access and siphon huge sums within seconds.
“These devices grant full control to external operatives, enabling them to transfer funds through customer accounts, POS terminals, and wallets before cashing out,” he said.
He further stressed that the EFCC's intervention is aimed at safeguarding the financial system and preventing panic-induced mass withdrawals. “It’s not entirely the fault of the banks, but rather the criminal complicity of some staff members. We’ve told the bank executives to look inward,” the Chairman added.
Olukoyede noted that the Commission is deliberately downplaying details in the media to avoid causing a loss of public confidence in the banking sector. He emphasized that most banks remain vulnerable unless urgent reforms and internal security measures are implemented.
The EFCC’s swift intervention highlights growing concerns about cybercrime in Nigeria's financial sector, especially with increasing digitalization and internal system vulnerabilities.
