EFCC increases alarm over cyber attacks supported by internal people at Bank Nigeria

The Chairperson of the Economic and Financial Crime Commission (EFCC), Ola Olukoyede, has revealed that several Nigerian banks have been under coordinated cyber attacks, with rogue bank staff playing an important role in providing access to local and international hackers.

In an interview with TVC News on Tuesday, Olukoyede revealed that EFCC had arrested many bank employees suspected of collaborating with hackers based in regions such as Eastern Europe and the United States. This inner person reportedly gave invalid access to hackers which then hijacked the banking platform from a distance and moved billions of Naira in a few moments.

“This cyber attack is not only random. They are very sophisticated and coordinated, with the help of people in a great vulnerability,” Olukoyede said. “After access is given, external actors control the bank system and siphon funds almost instantly.”

According to him, six banks have been targeted in this ongoing cyber fraud wave. EFCC has succeeded in restoring a large number in three operations, each of which reclaimed N9.7 billion, N6.7 billion, and N3.7 billion.

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Olukoyede stressed that several suspects who were arrested in collaboration with investigators, helped efforts to track their accomplices were still extensive. He urged bank executives throughout the country to immediately strengthen the internal security protocol and conduct a comprehensive audit to detect and prevent the threat of insider.

“We handle public communication carefully to avoid panic, but I can convince Nigerians that we actively overcome this crisis,” he said.

In addition to handling cyberspace crimes, the Chairperson of EFCC also explained the ongoing investigation of fraud related to cryptocurrency. He specifically mentioned the famous cruel CBEX Ponzi scheme, which he described as a complex fraud that involved foreign puppeteers who utilized the credibility of the Nigerians who were not suspicious to captivate the victims.

According to Olukoyede, the funds from the scheme were distributed through a complicated crypto wallet net, some of them ended in Eastern Europe and Cambodia. While some of these wallets have been frozen, the investigation remains active.

Turning to public violations, Olukoyede also discussed viral videos that showed former militant leaders and Delta Niger figures, the head of the Ekpemupolo government, known as Tompolo, danced as the N1,000 Notes to be luxuriously sprayed at a social event. In the midst of widespread anger, the Chairman of the EFCC confirmed that Tompolo had been invited to be asked.

“There is no one above the law,” Olukoyede said firmly. “We take the measured approach while waiting for forensic analysis, as we have done in past cases involving naira abuse.”

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