The Economic and Financial Crimes Commission (EFCC) has arrested several bank staff across Nigeria for allegedly collaborating with both local and foreign hackers to orchestrate massive cyber attacks on financial institutions, leading to the loss and subsequent recovery of billions of naira.
In a revealing interview with TVC News, EFCC Chairman Ola Olukoyede disclosed that insider collaboration within Nigerian banks has enabled hackers, operating from abroad—particularly Eastern Europe and the United States—to gain remote access to banking systems and siphon large amounts of money in swift, coordinated attacks.
“These cyber attacks are sophisticated, involving both local and international actors, often aided by rogue employees who provide critical access,” Olukoyede said. “Once access is granted, external collaborators remotely commandeer bank systems, moving billions within seconds.”
According to the EFCC chairman, no fewer than six banks have already been targeted in these high-level cyber breaches. He noted that investigations so far have led to the successful recovery of stolen funds from three separate operations amounting to ₦9.7 billion, ₦6.7 billion, and ₦3.7 billion, respectively.
Olukoyede explained that the arrests of key suspects have significantly aided ongoing investigations, as the individuals in custody are cooperating with authorities to identify others who remain at large. He cautioned financial institutions to adopt stronger internal control mechanisms and conduct regular forensic audits to mitigate risks posed by insider threats.
“I am urging bank executives to strengthen internal controls and carry out thorough audits to prevent future breaches by insider collaborators,” he advised.
While the commission is treating the matter with high-level sensitivity to avoid public panic, Olukoyede assured Nigerians that the EFCC is fully in control of the situation. “We are managing public communication carefully to prevent panic, but rest assured, we are on top of this situation,” he stated.
Ongoing Crypto Fraud Investigations
In addition to cyber attacks on traditional banking systems, the EFCC is also intensifying investigations into the CBEX cryptocurrency Ponzi scheme, which reportedly defrauded thousands of Nigerians through a complex web of digital wallet transactions.
Olukoyede explained that foreign nationals are often behind these schemes, but they rely on credible Nigerian fronts to build public trust and attract unsuspecting victims.
“The masterminds often foreign nationals exploit credible Nigerians to lend legitimacy to their scams,” he said. “Funds from victims were moved through complex wallet transfers, sometimes ending up in Eastern Europe and Cambodia. Although some wallets have been frozen, investigations are ongoing.”
The EFCC has traced some of the fraudulent proceeds to cryptocurrency wallets, some of which have already been frozen, as investigators work to trace and recover the funds.
Naira Abuse: Tompolo Under EFCC Scrutiny
Olukoyede also addressed public outrage following a viral video showing Niger Delta leader Chief Government Ekpemupolo, popularly known as Tompolo, dancing while bundles of ₦1,000 notes were lavishly sprayed in his presence.
Responding to growing concerns about the abuse of the naira, Olukoyede confirmed that Tompolo has been invited for questioning by the EFCC. He emphasised that every Nigerian, regardless of status or title, is subject to the law.
“Nobody is above the law,” he affirmed. “We have invited Tompolo and are reviewing the matter carefully. Nigerians should be patient as we conduct forensic analysis.”
The EFCC chairman further recalled similar cases in which individuals were successfully prosecuted for naira abuse, warning that such incidents will no longer be tolerated.
