Nigerian Banks Targeted by Complex Cyber Assaults: EFCC Disclosure
In a revealing interview on TVC News, the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, exposed the complicity of several bank employees in coordinated cyber attacks against Nigerian banks. According to Olukoyede, these bankers grant access to local and international hackers, who then manipulate bank platforms and swiftly transfer billions of naira out of the system.
Olukoyede emphasized that these cyberattacks are intricate, involving both local and international actors, whose operations are often aided by disloyal employees who provide critical access. Once access is granted, external collaborators remotely hijack bank systems, moving massive sums of money in a matter of seconds.
The EFCC chairman revealed that six banks have been targeted in these concerted attacks. In three operations, the EFCC has successfully recovered large sums: ₦9.7bn, ₦6.7bn, and ₦3.7bn, and has arrested key suspects who are cooperating with investigators and helping to identify others still at large.
To prevent future breaches by insider collaborators, Olukoyede urged bank executives to fortify internal controls and conduct thorough audits. "We are managing public communication carefully to prevent panic, but rest assured, we are on top of this situation," Olukoyede assured.
The EFCC is also pursuing efforts to recover funds from cryptocurrency wallets linked to the notorious CBEX Ponzi scheme. These masterminds, often foreign nationals, manipulate credible Nigerians to lend their schemes an air of legitimacy. Funds from victims are moved through complicated wallet transfers, sometimes ending up in Eastern Europe and Cambodia. Although some wallets have been frozen, investigations are ongoing.
In the face of this growing cyber threat, the EFCC stands firm in its mission to protect Nigerian financial institutions from cyberattacks and recover stolen funds. The Commission's crackdown on cybercriminal syndicates, coupled with its ongoing efforts to boost internal banking controls, strengthens Nigeria's cybersecurity resilience and safeguards its financial stability.
- The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has identified Abuja-based banks as targets in a series of coordinated cyberattacks orchestrated by local and international actors, with the aid of disloyal employees.
- Olukoyede highlights that these cyberattacks have resulted in the transfer of billions of naira out of Nigerian banking systems.
- The EFCC, in collaboration with other agencies, has managed to recover significant funds from three operations: ₦9.7bn, ₦6.7bn, and ₦3.7bn, while several key suspects have been arrested and are cooperating with investigators.
- Apart from these efforts, the EFCC is also focusing on the recovery of funds from cryptocurrency wallets linked to the CBEX Ponzi scheme, with masterminds often based in foreign countries.
- The EFCC's commitment to safeguarding Nigeria's financial stability includes investigations into these cases and a strengthened focus on boosting internal banking controls to fortify cybersecurity resilience.
