… Says N20.1bn Recovered
The Economic and Financial Crimes Commission (EFCC) has uncovered a disturbing collaboration between bank employees and cybercriminals that led to the hacking of six major financial institutions in Nigeria.
The Commission said it has so far recovered a total of N20.1 billion in stolen funds linked to the attacks.
Chairman of the EFCC, Ola Olukoyede, made the revelation during an interview with TVC on Sunday, disclosing that internal sabotage by bank staff was instrumental in the success of the cyberattacks.
According to him, insiders within the banks granted hackers access to sensitive banking portals, which were then exploited remotely to siphon billions of naira.
“What people do is get a device. When they plug it into the bank’s digital system — in connivance with insiders — the hackers, even from outside Nigeria, can take control of the bank’s platform,” Olukoyede said.
He detailed that once access was gained, the criminals would not immediately move the funds in bulk to avoid detection.
Instead, they would distribute the stolen money across numerous customer accounts, from where it would be moved to digital wallets and withdrawn via Point of Sale (POS) terminals.
Olukoyede said the EFCC had recovered N9.7 billion, N6.7 billion, and N3.7 billion respectively from three of the targeted banks, adding that many more cases are under investigation.
He noted that the Commission had deliberately kept the development from the public to avoid sparking panic withdrawals and eroding confidence in the country’s banking system.
“Many banks are vulnerable. That wouldn’t have been possible without the connivance of the bank staff,” Olukoyede warned.
The EFCC boss called for stricter internal controls within financial institutions and greater collaboration between regulatory bodies and security agencies to stem the rising tide of financial cybercrime.
The Commission has yet to release the names of the affected banks, but investigations are ongoing, with several suspects under scrutiny.
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