First Bank invests n15 billion to protect systems from hackers

First Bank PL said he had invested more than n15 billion to protect his systems from criminals between January and June 2025.

The CEO (CEO) of the First Bank, Olusgun Alebiosu, revealed it to Abuja on Wednesday 18 June 2025.

Alebiosu said that the bank spent N3 billion in June to protect its systems.

Alebiosu said that the bank had the best computer security framework in the country, hence the investment.

The CEO, which was talking about the growing number of attacks by IT criminals, in particular on banks’ systems, ensured to customers of the First Bank of the security of their money.

Alebiosu turned on to the rhythm with which some citizens were involved in computer crimes, saying that the country must move quickly to curb their excesses.

He said: “No customer would lose the money in the first bank unjustly.

“If their money is missing from First Bank, First Bank will refund.

“Before joining the First Bank, I have an account with First Bank.

“One of the reasons why I had an account with First Bank was, I said to myself, if my money is missing, it’s the only bank I know I will collect my money without apologies.”

Reacting to the complaints of some customers on the delay by the bank to manage the cases of fraudulent transactions, Alebiosu said that the bank must conduct investigations involving different parties concerned.

The CEO stated that the delay was caused by the collaboration between the interested parties involving security agencies and banks in which the money was transferred to determine realities on cases.

He urged customers to carefully trample the management and release of their financial information.

Alebiosu added: “The customers themselves, most of the time, also compromise their safety details; I have seen many people who give their cards to someone to help them withdraw money from their ATM.

“They understand their password, so when something happens and you say, my money has disappeared, forget the day you gave your card to someone else and can use it to transfer your money.

“Some people also compromise their identity document with desert, some give their number of banking verification (BVN) and use it against them.

“Now, because it takes time to react the bank, everything that gives the bank, the bank must investigate.

“The money may have gone to other banks, so you start monitoring other banks, but
Sometimes customers are impatient, “he said.

On the fraud presumably perpetrated by the staff members, Alebiosu said that First Bank had a fraud software of the internal employees who monitored employees’ activities on the system.

He added that various parties concerned, including banks, law enforcement and judiciary, play a role to play in curbing the IT crimes.

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