EFCC Launches Investigation After Hackers Steal Billions from Six Nigerian Banks

The Economic and Financial Crimes Commission (EFCC) has commenced a sweeping investigation following a series of coordinated cyberattacks that led to the theft of billions of naira from six Nigerian banks.

The EFCC Chairman, Olanipekun Olukoyede, confirmed the development, describing the heists as a growing threat to Nigeria’s financial sector and national security.

According to the Commission, the cybercrimes were executed with the help of insiders within the affected banks. These employees allegedly facilitated unauthorized access to their banks’ digital infrastructure, enabling hackers to remotely manipulate the systems from overseas locations such as Eastern Europe and the United States.

The hackers reportedly connected external devices to the banks’ core systems, granting them access to execute high-speed fund transfers within seconds. The stolen funds were dispersed across multiple accounts and digital wallets, after which they were quickly withdrawn, leaving little trace of the perpetrators.

“This could not have happened without internal compromise. We are urging bank executives to thoroughly investigate their staff and digital operations,” Olukoyede stated. He also revealed that the EFCC had already recovered over ₦9 billion for one bank and ₦6 billion for another as part of ongoing efforts to trace and retrieve the stolen funds.

In a related incident, the EFCC also thwarted an attempted cyberattack on PremiumTrust Bank. Five suspects, including two of the bank’s staff, were arrested for allegedly trying to alter server access codes and domain credentials in an effort to breach the bank’s database. Thanks to swift action by the bank’s IT department, the attempt was neutralized before any customer data or funds were compromised.

These revelations come amid increasing concern about the vulnerability of Nigerian banks to digital threats.

Financial analysts are now calling for tighter cybersecurity protocols, routine penetration tests, and stricter employee vetting processes across the sector.

With investigations ongoing, the EFCC has vowed to deepen its crackdown on cybercriminals and corrupt insiders, stressing that financial institutions must take greater responsibility in safeguarding the country’s digital economy.