EFCC uncovers coordinated cyberattacks on Nigerian Banks, N20bn recovered

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has disclosed that multiple Nigerian banks have recently been targeted in a series of highly coordinated cyberattacks, with rogue staff within the banks allegedly aiding both local and international hackers.

In an exclusive interview with TVC News on Tuesday, Olukoyede revealed that several employees from different financial institutions have been arrested for their roles in facilitating unauthorized access to core banking systems.

These insiders, he said, worked hand-in-hand with cybercriminals based in regions including Eastern Europe and the United States, allowing the hackers to bypass security protocols and transfer billions of naira in a matter of moments.

“These cyberattacks are not just random. They are highly sophisticated and coordinated, with insider assistance being a major vulnerability,” Olukoyede said. “Once access is granted, external actors take control of the bank systems and siphon funds almost instantly.”

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According to him, at least six Nigerian banks have been hit in the current wave of cyber fraud. In response, the EFCC has launched multiple recovery operations, successfully reclaiming significant sums of stolen funds.

Olukoyede reported that the commission recovered N9.7 billion, N6.7 billion, and N3.7 billion in three major sting operations.

While investigations are still ongoing, some of the arrested bank staff are said to be cooperating with the commission, helping to expose broader cybercriminal networks and locate fugitives still at large.

The EFCC chairman urged bank executives to take urgent action by conducting comprehensive internal audits, enhancing cybersecurity frameworks, and tightening controls on staff access privileges.

“We are handling public communication with care to avoid panic, but I can assure Nigerians that we are actively addressing this crisis,” Olukoyede said.

In addition to bank cyberattacks, Olukoyede also touched on the EFCC’s intensified clampdown on cryptocurrency-related fraud.

He specifically highlighted the CBEX Ponzi scheme, which he described as a complex scam orchestrated by foreign operators using Nigerian collaborators to lend credibility and lure unsuspecting investors.

He revealed that proceeds from the scheme were funneled through an elaborate network of cryptocurrency wallets, many of which were traced to Eastern Europe and Cambodia. Several wallets have since been frozen, but investigations remain active as authorities work to trace all beneficiaries and recover illicit gains.

Olukoyede further commented on the recent controversy surrounding a viral video of former Niger Delta militant leader, Chief Government Ekpemupolo, popularly known as Tompolo, where he was seen dancing while being sprayed with ₦1,000 notes at a social event.

In light of public outrage over the apparent abuse of the national currency, the EFCC chairman confirmed that Tompolo has been invited for questioning.

“No one is above the law,” Olukoyede declared. “We are taking a measured approach pending forensic analysis, just as we’ve done in past cases involving naira abuse.”

The EFCC continues to intensify efforts against economic and financial crimes across Nigeria, with Olukoyede reaffirming the Commission’s commitment to holding all violators accountable—regardless of their status.