Olukoyede: Insiders Aiding Foreign Hackers in Bank Cyberattacks — Billions Recovered by EFCC • EFCC recovers over N20bn from cyber fraud syndicates

Chairman of the Economic and Financial Crimes Commission (EFCC), Barr. Ola Olukoyede, has raised alarm over a spate of coordinated and sophisticated cyberattacks on Nigerian banks. He revealed that at least six banks have been compromised in recent operations executed by cybercriminals with the help of insiders.

Speaking during an exclusive appearance on TVC News’s Journalists Hangout, Olukoyede disclosed that key suspects have been arrested and are cooperating with the Commission to track down remaining members of the syndicates.

According to him, the cyberattacks involve both local and foreign actors, with insiders within the banks granting initial access. Once inside, international collaborators—often operating from Eastern Europe and the United States—remotely take over the banks’ digital platforms, moving billions of naira within seconds.

In three high-profile cases, the EFCC recovered N9.7 billion, N6.7 billion, and N3.7 billion respectively, successfully thwarting what could have been devastating losses.

Olukoyede clarified that the financial institutions themselves are not directly at fault, emphasizing that these breaches are orchestrated by rogue staff. He urged bank executives to urgently reinforce internal security protocols and conduct comprehensive staff audits.

“We are managing public communication on this issue deliberately to avoid panic, but I assure Nigerians that we are on top of the situation,” he stated.

Olukoyede also shed light on ongoing investigations into the CBEX Ponzi scheme, revealing that the EFCC has recovered substantial sums from cryptocurrency wallets linked to the fraud. According to him, many of these schemes are masterminded by foreign nationals who co-opt well-credentialed Nigerians to lend credibility to their operations.

He explained that stolen funds were often transferred to non-custodial wallets, complicating efforts to trace ownership. Some of these wallets have been tracked to Eastern Europe and Cambodia. However, the EFCC has successfully frozen several wallets before the funds could be fully dispersed.

Investigations are ongoing, and the Commission has pledged to make its findings public upon conclusion of the probe.

On another front, Olukoyede confirmed that the EFCC is investigating a viral video allegedly showing former militant leader, Chief Government Ekpemupolo (popularly known as Tompolo), involved in naira abuse during his 54th birthday celebration. The footage depicts a man spraying N1,000 notes as Tompolo dances, sparking widespread public concern.

“Tompolo has been invited for questioning,” Olukoyede said, adding that “no one is above the law.” He stressed the importance of due process and cautioned against jumping to conclusions. “The video is currently undergoing forensic analysis, and until investigations are complete, we cannot pronounce guilt or innocence,” he added.

He referenced a recent precedent where musician Babatunde Peter Olaitan (Teee Dollar) and content creator Tobilola Olamide (Tobi Nation) were each sentenced to six months in prison for similar offences.