Economic and Financial Crimes Commission (EFCC) has said that it has uncovered a series of cyberattacks targeting Nigerian banks, with six financial institutions falling victim to highly coordinated hacking efforts by cybercriminals.
Ola Olukoyede, chairman, EFCC who disclosed this during an interview posted by TVC, asserted that the anti-graft agency has recovered billions of naira and launched a robust investigation into insider collusion fueling the fraud.
He stated that the attacks were not isolated incidents but part of a sophisticated operation involving both local and international actors.
Olukoyede confirmed that ₦9.7 billion, ₦6.7 billion, and ₦3.7 billion were successfully recovered in three separate cases, preventing what could have been catastrophic losses for the affected banks.
He lamented that the methods employed by the criminals are alarming, noting that they use specialised devices.
The perpetrators, often in collaboration with insiders within the banks, gain unauthorised access to internal banking platforms.
The EFCC boss added that once access is granted, an external accomplice—frequently operating from overseas locations such as Eastern Europe or the United States—takes over the bank’s systems remotely.
He highlighted that what makes these operations especially dangerous is the active participation of bank staff.
According to him, in all the cases investigated, the EFCC has found strong evidence of insider collusion, prompting the agency to call on bank executives to audit their internal processes and personnel.
He said, “One major crisis we may face in the near future—if we don’t act decisively, which we are already doing—is the escalating issue of bank fraud.
“As I speak to you now, about six banks have been hacked by young individuals. I won’t mention their names to protect their image. In one case, we were able to recover about ₦9.7 billion for a major bank.
In another, we recovered about ₦6.7 billion, and in a third case, ₦3.7 billion was saved. This is the kind of work we are currently doing.
“Here’s how the fraud typically happens: the perpetrators use a device which they connect to the bank’s system—often with the help of insiders, particularly some bank staff. Once this device is connected, a collaborator outside Nigeria—whether in Eastern Europe, America, or elsewhere—can remotely control the bank’s platform.
“Just like a bank officer can transfer funds in and out of an account, these criminals can also move billions of naira within seconds.
“They often distribute the stolen money across multiple customer accounts, gain back-end access to these accounts, and then move the funds into digital wallets or through POS terminals, withdraw the cash, and vanish.
“The alarming part is that many banks remain vulnerable to these attacks. However, it’s important to emphasize that these fraudulent activities are not the fault of the banks themselves, but rather of some complicit staff members.
“In every single case we’ve investigated, there has been clear evidence of insider involvement. That is why we have urged bank executives to look inward. These attacks cannot be successfully carried out without the active connivance of their staff.
“This issue has drawn our full attention at the EFCC. We are working tirelessly to combat it. However, because of the potential impact on public confidence and economic stability, we are deliberately not making too much noise about it. We do not want to trigger panic or a rush to withdraw funds.”
“Nonetheless, rest assured that we are on top of the situation,” he stated.
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