Billions Vanish From Nigerian Banks! Insiders, Hackers Expose Shocking Security Gaps

Nigeria’s banking sector is facing growing concerns over cybercrime and insider-enabled fraud, following a series of massive financial heists that have cost banks and customers billions of naira.

Investigations reveal how cybercriminals, sometimes aided by bank employees, exploit weaknesses in financial institutions to steal customers’ savings and manipulate banking systems.

One victim, a 73-year-old Lagos grandmother identified as Agnes Uwaila (not her real name), reportedly lost N3m in life savings after visiting her bank to resolve problems with its mobile application. A bank customer care representative allegedly obtained her PIN during the process.

Her experience highlights growing fears about the safety of customers’ personal and financial information.

Figures from the Central Bank of Nigeria indicate that bank customers lost a cumulative N134.48bn to fraud between 2020 and 2025. Digital payment fraud and cyber-related losses alone stood at N25.85bn in 2025.

Several major institutions have also suffered significant breaches.

Wema Bank reportedly lost N8.5bn in an alleged 2025 system breach, while SunTrust Bank suffered attacks involving more than N800m. First Bank pursued recovery of about N40bn allegedly diverted by an employee, while Globus Bank recorded an alleged N3.5bn theft involving unauthorised access to its systems.

Cybersecurity experts say criminals exploit phishing, malware, compromised employee credentials, weak security controls and insider collaboration to penetrate banking infrastructure.

The EFCC has also raised concerns about employees allegedly collaborating with external criminals across six financial institutions.

Experts are urging banks to strengthen cybersecurity monitoring, restrict privileged access, conduct independent security audits and improve employee training.

As digital banking expands, the growing question is whether Nigerian banks can adequately protect customers’ money from increasingly sophisticated criminal networks.