By Atoyebi Nike
The Economic and Financial Crimes Commission (EFCC) has launched an investigation into a massive cyber fraud involving six major Nigerian banks, where hackers stole billions of naira through insider-assisted breaches.
EFCC Chairman Ola Olukoyede revealed the ongoing probe during a televised interview on Sunday, noting that while the names of the affected banks are being withheld to protect their public image, the institutions are among Nigeria’s largest financial players.
“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 stated on TVC.
He disclosed that in one case alone, the EFCC recovered over ₦9 billion, while another bank was able to recover ₦6 billion with the agency’s support.
According to the EFCC chief, the cyberattacks were made possible by insider collusion. He explained that bank staff had allowed hackers to plug malicious devices into internal systems, granting remote access to external actors.
“They actually do it with insiders,” Olukoyede said. “Once the device is connected, even from Eastern Europe or America, the hacker can remotely control the bank’s system and move billions in seconds—just like a bank officer.”
He added that while the hackers often cannot extract the entire sum in one go, they typically distribute the stolen funds across customer accounts, digital wallets, and point-of-sale (POS) terminals, making swift withdrawals before detection.
The EFCC noted that many Nigerian banks remain vulnerable to such attacks, warning that the pattern of insider involvement is consistent across the incidents being investigated.
Olukoyede emphasized that the Commission’s involvement is driven by the broader economic risks associated with the heists. He said the agency is working discreetly to avoid triggering panic among bank customers, which could result in mass withdrawals and further destabilize the sector.
“It’s not the fault of the banks as institutions, but that of certain rogue staff,” he stressed. “We’ve told bank executives to look inwards because in every case, we have seen internal complicity.”
He urged financial institutions to strengthen internal monitoring systems and emphasized the need for vigilance as cyber threats become increasingly sophisticated.
The EFCC’s revelations come amid growing concerns about the resilience of Nigeria’s banking infrastructure in the face of digital threats, especially in a rapidly evolving financial technology landscape.
