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Olukoyede: Insiders Aiding Foreign Hackers in Bank Cyberattacks, Billions Recovered
..Says EFCC recovers N20bn from cyber fraud syndicates
The Chairman of the Economic and Financial Crimes Commission (EFCC), Barr. Ola Olukoyede, has sounded the alarm over a wave of sophisticated cyberattacks targeting Nigerian banks, revealing that six banks have already been affected in coordinated strikes by hackers.
Speaking during an exclusive interview on TVC News’s Journalists Hangout, Olukoyede disclosed that the EFCC has arrested key suspects who are now cooperating with investigators and helping to identify others still at large.
He explained that these cyberattacks involve both local and international actors, often aided by insiders within the banks who provide access.
He stated that once access is granted, external collaborators—typically operating from regions such as Eastern Europe and the U.S. remotely take control of bank platforms, moving billions of naira within seconds.
noted that in three major cases, the EFCC successfully recovered N9.7 billion, N6.7 billion, and N3.7 billion, averting potentially catastrophic losses.
He stressed that the banks themselves are not to blame, as the breaches are facilitated by rogue staff.
He urged bank executives to strengthen internal processes and carry out thorough audits.
“We are deliberately managing public communication on this issue to prevent panic, but rest assured, we are on top of the situation,” Olukoyede assured.
He also revealed that the EFCC has recovered significant sums from cryptocurrency wallets linked to the CBEX Ponzi scheme.
According to him, the masterminds of CBEX and similar scams are often foreign nationals who exploit the credibility of well-qualified Nigerians to give their schemes a veneer of legitimacy.
Olukoyede warned Nigerians to be cautious of such fraudulent operations.
He explained that funds from unsuspecting victims were moved from the original wallets to non-custodial wallets, making it difficult to trace ownership.
Some of these funds have reportedly been transferred to wallets in Eastern Europe and Cambodia.
However, the EFCC has managed to freeze certain wallets before the funds were fully dissipated, and investigations are ongoing. The agency plans to release its findings upon conclusion of the probe.
Olukoyede also confirmed that the EFCC is investigating a viral video showing ex-militant leader Chief Government Ekpemupolo (popularly known as Tompolo) allegedly involved in naira abuse during his 54th birthday celebration. The video shows a man spraying N1,000 notes while Tompolo danced, sparking public outcry.
The ‘Joint Case Team on Cybercrime’ brings together Nigeria’s key justice and security agencies to work as one, making it easier to detect, investigate and prosecute digital offences.
stated that Tompolo has been invited for questioning, adding, “Nobody is above the law. However, it’s important to avoid hasty judgments. The video is currently undergoing forensic analysis, and until the investigation is concluded, we cannot pronounce guilt or innocence.”
He also referenced a recent case where singer Babatunde Peter Olaitan (also known as Teee Dollar) and content creator Tobilola Olamide (aka Tobi Nation) were each sentenced to six months in prison for similar offences.
