EFCC intervenes as hackers steal billions from six Nigerian banks
Image Credit: nairametricsThe Economic and Financial Crimes Commission (EFCC) is actively assisting six major Nigerian banks in recovering billions of Naira stolen by hackers who infiltrated their systems with insider assistance.
EFCC Chairman Ola Olukoyede revealed the commission has recovered over N9 billion for one bank and saved about N6 billion for another, attributing the fraud to collusion between bank staff and external hackers.
The hackers use devices connected to bank systems remotely to transfer funds rapidly, distributing stolen money to multiple accounts, wallets, or POS machines before withdrawing and disappearing.
This intervention aims to prevent economic fallout and mass withdrawals, especially as Nigeria’s financial sector fraud losses surged to N52.26 billion in 2024, reflecting a 196% rise over five years amid increased digital transactions.
More from Nairametrics
Nigeria records 45.9% Schengen visa rejection rate in 2024, third highest globally
Nigeria’s Schengen visa rejection rate rose to 45.9% in 2024, making it the third highest globally, up from 40.8% in 2023. The European Commission reported over 11.7 million applications for short-stay visas in 2024, a 13.6% increase from 2023, with...
Business
brief
Time Magazine names Aliko Dangote among Top 100 Philanthropists in the World
Aliko Dangote, President and CEO of Dangote Industries Limited, has been named in the inaugural 2025 TIME100 Philanthropy list as one of the 23 Titans, recognizing his significant philanthropic impact globally and as the only Nigerian on the list. The...
Business
brief
Premium Trust Bank e-payment manager arraigned over alleged cybercrime and server hack in Lagos
Matthew Adeniyi, Premium Trust Bank’s e-payment service manager, was arraigned in a Lagos Federal High Court for allegedly hacking the bank’s server alongside four others, facing charges including conspiracy and cybercrime. The Economic and Financial Crimes Commission (EFCC) accused them...
Business
brief
The highest earning athletes in the world – 2025
Cristiano Ronaldo tops Forbes’ 2025 list of highest-paid athletes with earnings of $275 million, largely fueled by his contract with Al-Nassr and extensive endorsements. The top 10 highest-paid athletes collectively earned $1.38 billion, nearly matching the 2023 record and highlighting...
Business
brief
Ebonyi Governor approves N500,000 monthly pay for newly recruited doctors
Governor Francis Nwifuru of Ebonyi State announced an increase in the monthly salaries and allowances for newly recruited medical doctors from N150,000 to N500,000 to help them perform optimally amidst rising living costs. The announcement was made during the inauguration...
Business
brief
Top 5 Personal Loans for Bad Credit with Guaranteed Approval and No Credit Check Needed
Individuals with bad credit can still obtain personal loans through specialized lenders who offer guaranteed approval and flexible terms online. Top lenders highlighted include Upstart, Upgrade, MaxLoan365, 50K Loans, and Wizzay, each catering to different borrower needs like quick approval,...
NPA Launches $1 Billion Port Upgrades Boosting Nigeria’s Maritime Economy and Trade in 2024
The Nigerian Ports Authority (NPA), under MD Dr. Abubakar Dantsoho, is spearheading a $1 billion reconstruction of Tincan Island Port and rehabilitation of other major ports including Apapa, Rivers, Onne, Warri, and Calabar to modernize infrastructure and expand capacity. These...
Edo Governor Launches Committees to Resolve Security and Land Boundary Conflicts
Governor Monday Okpebholo of Edo State has inaugurated two committees to address critical issues of security and land disputes, aiming to enhance peace and stability. The Livestock Control Committee, chaired by General Cecil Esekhaigbe (rtd), will focus on resolving herders...
Experts Urge Urgent Reforms to Nigeria’s Food Distribution System to Boost Security
Stakeholders in Nigeria’s agricultural sector are urging urgent reforms in the nation’s food distribution system to improve access, affordability, and reduce post-harvest losses. At the PricePally Impact Summit in Lagos, experts highlighted that distribution challenges, rather than food production, are...
Iran Confirms Cyberattack Disrupts Bank Sepah After Israel-Linked Hacker Claim
Iran’s Bank Sepah is experiencing significant service disruptions following a cyberattack confirmed by Iran’s semi-official Fars News Agency, with customers unable to access ATMs and online banking services. The Israel-linked hacking group Gonjeshke Darande claimed responsibility, stating it destroyed key...
You must be logged in to comment.
Log in to comment
No comments yet. Be the first!