EFCC Launches Probe As Hackers Plunder Billions From Six Nigerian Banks.
The Economic and Financial Crimes Commission (EFCC) has initiated a high-stakes investigation following a series of sophisticated cyberattacks that have seen hackers siphon off billions of naira from six major Nigerian banks. The announcement, made on Monday, 26 May 2025, has sent shockwaves through the country’s financial sector, highlighting the growing threat of cybercrime in Nigeria.
According to EFCC spokesperson Dele Oyewale, the agency has recovered over N20 billion of the stolen funds, though the exact amount pilfered remains undisclosed. The cyberattacks, described as highly coordinated, targeted the digital infrastructure of the banks, exploiting vulnerabilities to access depositors’ accounts. While the EFCC has withheld the names of the affected banks to avoid public panic, sources indicate that the breaches have impacted some of Nigeria’s most prominent financial institutions.
The EFCC’s swift response has led to the arrest of several suspects, including a group of four individuals apprehended in October 2024 for a similar N10 billion cyberattack on a Nigerian bank. The commission has also secured a court order to freeze 818 bank accounts linked to these fraudulent activities, with investigations ongoing to uncover the full scope of the hacking syndicate’s operations. “We are working tirelessly to bring the perpetrators to justice and ensure that such brazen attacks do not destabilise Nigeria’s financial system,” Oyewale stated.
This latest incident follows a troubling trend, with Nigerian banks reporting a staggering N52.26 billion loss to fraud in 2024 alone, a sharp rise from N17.67 billion the previous year. The Nigeria Inter-Bank Settlement System (NIBSS), in collaboration with the EFCC, has recovered N1.74 billion in previous cases, underscoring the agency’s commitment to combating cybercrime. However, the increasing sophistication of these attacks, including tactics like identity theft and insider collusion, poses a formidable challenge to the banking sector.
The EFCC’s investigation has also revealed international dimensions to the cybercrime wave, with 193 foreign nationals, mostly Chinese, arrested in a December 2024 raid on a “hustle kingdom” in Lagos. This operation uncovered a network training Nigerian youths in romance and cryptocurrency scams targeting victims in North America and Europe. The agency is now collaborating with international law enforcement to dismantle these cross-border syndicates.
As the investigation unfolds, the EFCC has urged banks to bolster their cybersecurity measures and called on the public to remain vigilant. “These attacks exploit not just technology but human trust. We encourage Nigerians to monitor their accounts closely and report suspicious activities immediately,” Oyewale advised.
The recovery of over N20 billion is a significant step, but the EFCC’s battle against cybercrime is far from over. With Nigeria’s financial sector under siege, the agency’s efforts to safeguard the nation’s economy will be closely watched in the weeks ahead.
