CBN, NIBSS Name 13,417 Fraud Suspects on New Portal as Crackdown Tightens
- Nigeria lists 13,417 individuals on a central portal to combat financial fraud
- Fraud losses surged to N52.26 billion in 2024, highlighting ongoing concerns
- NIBSS urges tighter internal controls to protect the financial ecosystem
Nigeria’s financial regulators have intensified the fight against fraud, with 13,417 individuals linked to fraudulent activities now listed on a central Person of Interest (POI) Portal.
The platform was jointly developed by the Nigeria Inter-Bank Settlement System (NIBSS) in collaboration with the Central Bank of Nigeria (CBN), security agencies, and key industry stakeholders.
Source: Twitter
The portal captures names and photographs of suspects and has been actively used by law enforcement agencies since data collection began in 2019.
Authorities say the move is designed to close loopholes that allow fraudsters to move undetected across institutions.
Fraud cases down, losses still a concern
Speaking on the initiative, NIBSS Managing Director, Premier Oiwoh, said fraud management remains a core responsibility of the organisation.
While reported fraud cases have declined over the past five years, the value of losses continues to worry regulators and operators.
Actual fraud losses stood at about N17.67 billion in 2023 before surging to N52.26 billion in 2024. The sharp increase, Oiwoh explained, was largely driven by a single incident involving N31.1 billion at one institution.
Losses dropped significantly in 2025, reflecting tighter controls and stronger industry collaboration.
Lagos, Abuja lead fraud hotspots
Geographically, Lagos accounts for the highest concentration of fraud cases due to its role as Nigeria’s commercial hub. Abuja has also recorded a notable rise, while other states continue to feature in reported incidents.
By transaction channel, fraud is most prevalent in e-commerce and internet banking, followed by point-of-sale, mobile, and web platforms. Social engineering remains the most common technique used by perpetrators.
Insider abuse emerges as biggest threat
Oiwoh warned that insider involvement now poses the greatest risk to the financial system. Investigations have confirmed high levels of insider abuse, including cases involving former bankers.
According to him, coordinated industry action is already yielding results. Joint efforts last year alone prevented losses estimated at N20 billion that could have been lost to fraud.
Non-reporting weakens the system
A major concern raised by NIBSS is the growing trend of non-reporting. Fraud reporting declined by about 34 per cent in the last quarter of 2025, a development Oiwoh described as unacceptable.
Failure to report incidents allows perpetrators to move freely between institutions without detection.
In several cases investigated last year, individuals involved in fraud simply changed employers because the incidents were not disclosed.
Data integration and AI-powered defences
To strengthen monitoring and prevention, NIBSS and the CBN have integrated centralised data systems into the POI Portal. These include industry watchlists, politically exposed persons databases, and customer account repositories.
On the technology front, Oiwoh said the National Payment Stack, launched last year under CBN directive and built to ISO 20022 standards, features robust AI-driven security.
Every instant payment is risk-scored, with suspicious transactions flagged in real time.
Source: Twitter
He added that cybersecurity firms and digital intelligence providers are supporting banks with advanced AI tools, while regulatory and security collaboration has intensified alongside the ongoing CBN recertification exercise.
Call for stronger internal controls
Oiwoh urged financial institutions to tighten internal controls through staff profiling, job rotation, mandatory leave, lifestyle checks, and intelligence sharing. Cutting corners on cybersecurity, he warned, puts the entire ecosystem at risk.
“If you cannot afford to secure a financial institution properly, you should not operate one,” he said.
CBN orders faster fraud response time
Legit.ng earlier reported that Nigeria’s biggest banks, including Access Bank, Zenith Bank and United Bank for Africa (UBA), have agreed to reduce fraud response times to under 30 minutes, following a strong push by the Central Bank of Nigeria (CBN).
The move is expected to significantly improve fund recovery, reduce customer losses and limit systemic risk across the financial system.
The disclosure was made on Wednesday, January 21, 2026, by Philip Ikeazor, deputy governor of the CBN in charge of Financial System Stability, at the 2026 Nigeria Electronic Fraud Forum (NeFF) Technical Kick-Off Session held in Lagos. He was represented at the event by Ibrahim Hassan.
Source: Legit.ng
