Scammers Hack 6 Nigerian Banks, Steal Billions of Naira, EFCC Exposes Method Used

• The EFCC has revealed that fraudsters targeted six Nigerian banks and made away with billions of customers' deposits
• The commission also stated that efforts are on the way to ensure the full recovery of the stolen funds
• The Nigeria Inter-Bank Settlement System (NIBSS) recently disclosed that Nigerian banks lost N52.26 billion to fraud in 2024

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has disclosed that six Nigerian banks were hacked by fraudsters who made away with billions of naira

Olukoyede, who spoke on a television interview, said that efforts have already been made to recover the stolen funds.

While protecting the banks' identities to preserve their reputations, the EFCC confirmed progress in recovering stolen funds.

Olukoyede said:

"As I am 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."

According to the EFCC boss, the Commission has been able to recover over N9 billion for one of the banks.

He revealed:

“For one major bank, we have recovered over N9 billion. And for another, we've managed to safeguard approximately N6 billion."

.This is a major bank.”

EFCC blames bank staff

Olukoyede points the finger at bank staff for the success of cyber fraud incidents.

He also revealed that the perpetrators used special devices, which were physically connected to the banks’ systems by insiders, allowing external control of the banks' platforms.

He said:

“These operations are carried out with the help of insiders, the bank staff. Once the device is connected to the bank’s system, the hacker, even if located outside Nigeria, can gain full control of the bank’s platform.

"From that point, whether he is in Eastern Europe or America, he can move funds, billions of naira, in a matter of seconds, just like a bank officer can transfer money in and out of your account.”

EFCC is determined to end bank fraud

The EFCC Chairman said the Commission is prioritising bank-related fraud because of the implications for the economy.

He noted that the agency has quietly been addressing these cases to avoid sparking public panic, which could lead to mass withdrawals from affected banks.

“It’s not the bank itself that’s at fault it’s some of the staff.

“We have urged bank executives to look inward. In every case we have handled so far, we’ have found that bank staff played a role in enabling the fraud.”

Nigerian banks beef up cybersecurity

Earlier, Legit.ng reported that Nigerian banks reported a startling N52.26 billion loss to fraud in 2024.

According to the most recent report from the Nigeria Inter-Bank Settlement System (NIBSS), the banking industry is still seriously threatened by fraudulent activities such as insider collusion, account manipulation, and identity theft.

NIBSS and the Economic and Financial Crimes Commission (EFCC) were able to effectively recover N1.74 billion to stop these illegal actions and reclaim stolen cash.

Source: Legit.ng