Nigerian bankers collude with foreign hackers to attack their own banks – EFCC Chairman

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has noted that insiders within the banking industry act as informants to hackers operating outside the country. He explained that the staff of these banks often collaborate with hackers operating remotely from regions like Eastern Europe and the US to take control of bank platforms and swiftly transfer billions of naira out of the systems.

During an interview on TVC News, the EFCC boss explained that the anti-graft agency has arrested several bank staff who granted access to local and international hackers who orchestrated coordinated cyber attacks on Nigerian banks. 

While explaining how the insiders act as aids, he said: 

“These cyber attacks are sophisticated, involving both local and international actors, often aided by rogue employees who provide critical access. Once access is granted, external collaborators remotely commandeer bank systems, moving billions within seconds.”

The EFCC said six banks have been recently targeted in coordinated attacks, and it has successfully recovered large sums in three operations, including N9.7 billion, N6.7 billion, and N3.7 billion. Olukoyede explained that EFCC had arrested key suspects involved in these operations and they have been cooperating with investigators and assisting in identifying other sophisticated attacks.

Also Read: EFCC arrests fraudster that buys bank account details for N25,000.

In a move to curtail the activities, the EFCC Chairman further urged bank administrators to strengthen internal controls and carry out an in-depth audit process to prevent future breaches by insider collaborators. While reassuring the agency’s commitment to safeguarding Nigerians’ financial properties, he urged the public to desist from panicking, noting that their funds are safe.

In addition, he urged EFCC operatives to redouble their efforts to surpass last year’s record and uphold the Commission’s integrity amid greater commitment. According to him, the Commission secured 4111 convictions and hauled monetary recovery of over N365.4 billion in 2024 alone.

EFCC’s continued clampdown on perpetrators 

In a similar situation, the EFCC arraigned three staff members of Wema Bank alongside four others before Justice Daniel Osiagor of the Federal High Court, Ikoyi, Lagos, on Monday over alleged cyber-enabled fraud involving N8.5 billion.

The bank employees, namely: Samuel Asiegbu, Fabian Onyeimachi, and Kingsley Kejim were charged alongside Hannah Okunlola Adesokan, Hamza Zakariya, Achionu Ubaku, and Sunday Osademe on an eight-count charge bordering on conspiracy and obtaining money under false pretences. According to court documents, the defendants allegedly conspired to manipulate and alter data in Wema Bank’s system in January 2025, resulting in the loss of N8,568,090,500.

One of the charges reads: 

“That you Samuel Ihechukwu Asiegbu and other persons at large, sometime in January 2025, within the jurisdiction of this honourable court knowingly and without authority caused the loss of an aggregate sum of N8,568,090,500 property of Wema Bank Plc. by altering, erasing and inputting data held in accounts domiciled in Wema Bank Plc. computer for the purpose of conferring economic benefit on yourself and you thereby committed an offence contrary to Section 14(1) of the Cybercrimes (Prohibition Prevention, etc.) Act, 2015 and punishable under the same Act.”

All seven defendants pleaded not guilty to the charges, and the presiding Judge adjourned the case to June 6, 2025.

In another similar case, the anti-graft Commission, last week, arraigned four former employees of Access Bank Plc, Olajide Ogunmoroti, Michael Igbomina, David Onyeike, and Moses Iruolaje, over an alleged N5.73 billion fraud. The defendants exploited the bank’s lax security measures to take advantage of a glitch in the bank’s server, gaining unauthorised access to customer accounts and siphoning funds.

Abdulmajeed Agboola, a bank staff member and the EFCC’s first prosecution witness, testified that the employees used personal laptops to access the bank’s server, which contributed to the breach. As the case raised concerns about the bank’s compliance with regulatory requirements and its ability to protect customer funds, many questioned the bank management on how such funds were wired without their knowledge.

The EFCC chairman further revealed the agency’s ongoing efforts to recover funds from cryptocurrency wallets linked to the notorious CBEX Ponzi scheme. He disclosed that the agency has made arrests in connection with the CBEX fraud, noting that the agency is still pursuing others who are on the run.

“We have gone far. We have made a reasonable arrest. We have also been able to recover a reasonable amount of money. We are not going to give out much because we don’t want the process to be disrupted. We are still after quite a number of people we have declared wanted,” he said.