Most Banks Hacks are Aided by Staff – EFCC Boss
Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has accused some Nigerian bank employees of actively collaborating with hackers in a wave of sophisticated cyber fraud targeting the country’s financial institutions.
Speaking during a televised interview on TVC on Sunday, Olukoyede disclosed that at least six Nigerian banks have fallen victim to coordinated cyberattacks in recent months. According to him, insider involvement has been a key factor in the breaches, with bank staff allegedly granting access to sensitive digital banking infrastructure exploited by hackers operating remotely, even from outside the country.
“These are not random attacks,” Olukoyede explained. “They are coordinated operations often facilitated by insiders who understand the system. Once a device is plugged into the bank’s digital network, with the help of a staff member, hackers can control the bank’s platform from anywhere in the world.”
The EFCC chairman went on to describe how these cybercriminals move billions of naira within seconds, using complex tactics to avoid immediate detection.
“They don’t just drain the accounts in one swoop,” he noted. “Instead, they disperse the stolen funds into numerous customer accounts. From there, the money is funnelled into digital wallets or withdrawn through POS terminals.”
So far, the EFCC has recovered staggering sums from such operations: ₦9.7 billion, ₦6.7 billion, and ₦3.7 billion from separate cases involving compromised banks.
Olukoyede stressed that many Nigerian banks remain highly vulnerable due to internal complicity. “Without the help of insiders, these breaches would be nearly impossible,” he asserted.
Despite the gravity of the situation, the EFCC has chosen to handle the matter discreetly to avoid triggering mass panic and a possible run on the banks. “We have deliberately maintained silence to prevent panic withdrawals and preserve public trust in the banking system,” he said.
