E-Financial
IGP Designates Banks National Security Asset, Orders Crackdown on Cyber Frauds
Kayode Egbetokun, inspector-general of Police (IGP), has declared Nigeria’s banking industry a strategic national asset, ordering an immediate intelligence-led crackdown on cybercriminal networks, insider facilitators, and transnational financial crime syndicates threatening the stability of the financial system.
Kayode Egbetokun, inspector-general of Police (IGP),
Speaking at a strategic meeting with the Chartered Institute of Bankers of Nigeria (CIBN) and the Body of Bank Chief Executive Officers in Lagos, where he said the Nigeria Police Force was shifting from reactive policing to proactive dismantling of organised criminal structures targeting banks.
According to him, the financial sector remains central to national stability.
He said: “The Nigerian banking industry is not merely a driver of economic activity; it is a core component of our national stability architecture. The integrity, continuity, and resilience of the financial system are directly linked to public confidence, investor perception, and the credibility of Nigeria’s economic governance.”
In a major policy shift, Egbetokun announced that regular police officers would no longer be deployed for routine cash-in-transit escorts or non-essential VIP protective duties within the private sector.
He explained that the decision aligned with national policy direction and manpower optimisation within the Force, adding that the traditional model of conventional police deployment for banking sector protection was being reviewed and progressively restructured.
“This policy adjustment is not designed to diminish the security framework supporting the banking industry. Rather, it reflects a deliberate transition towards a more sustainable, professional, and institutionally governed model of security support,” he said.
Egbetokun warned that conventional risks such as armed robbery and cash-in-transit vulnerabilities, though still present, have been overtaken by more complex and technologically sophisticated threats.
“These threats are adaptive, technologically sophisticated, and often coordinated across borders. They include cyber-enabled fraud, identity compromise, insider facilitation, organised financial crime, and illicit financial flows,” he told the bankers.
The IGP stressed that disruptions to banking operations now carry international reputational consequences, citing global compliance standards set by the Financial Action Task Force FATF and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) obligations.
He said: “In an era shaped by FATF standards, AML/CFT obligations, and heightened scrutiny of financial flows, the strength of a nation’s enforcement and security architecture is now directly relevant to investor confidence and market stability.”
The police noted that: “The speed and sophistication of cyber-enabled fraud illustrate the urgency of integration. Delayed reporting windows can render enforcement ineffective, while rapid escalation, evidence preservation, and coordinated response can significantly improve disruption, recovery, and prosecution outcomes.
“Modern financial crime operates at a pace that requires equally modern security coordination.”
Egbetokun disclosed that the Force had already intensified covert operations targeting kidnapping syndicates, illegal arms networks, and organised criminal enterprises whose activities threaten commercial stability.
He added that the Police were strengthening coordination with the Economic and Financial Crimes Commission (EFCC), the Nigeria Financial Intelligence Unit (NFIU), and the Central Bank of Nigeria (CBN) to ensure that criminal enterprises do not exploit gaps between enforcement, compliance, and oversight.
The IGP told the bankers that sustainable security cannot be achieved through episodic contact or fragmented interventions, calling for structured cooperation between law enforcement and financial institutions.
“Security is not merely the absence of crime; it is the presence of stability that enables productivity, investment, and growth. A secure banking environment supports savings mobilisation, credit expansion, financial inclusion, and the confidence of both domestic and international investors.
“When citizens trust financial institutions, participation in the formal economy increases. When investors perceive a stable internal security environment supported by credible enforcement, Nigeria becomes more bankable, more investable, and more competitive.
“The outcome of this meeting should not be limited to dialogue. It should produce structured liaison mechanisms between law enforcement and the banking sector, clear operational protocols for high-risk areas, joint capacity building, and lawful information-sharing.
“The Nigeria Police Force stands ready to work with the banking sector not merely as an enforcement institution, but as a strategic partner in safeguarding the integrity, stability, and international credibility of Nigeria’s financial architecture,” he said.
Earlier in his remarks, Oliver Alawuba, chairman of the Body of Bank Chief Executive Officers, who acknowledged the Police boss for measures put in place to tackle insecurity in the country, highlighted the banking industry’s past support.
He said: “The Bankers’ Committee was responsible for the renovation of over 42 police stations that were destroyed during the EndSARS protests. We stepped in when police infrastructure was in ruins. Today, we expect that same urgency when our own infrastructure is under digital siege.”
Professor Pius Olarenwaju, president, CIBN, on his part, painted a grim picture of an industry under silent assault, warning that the velocity of cyberattacks now outstrips the response capacity of traditional law enforcement.
“The banking sector plays a pivotal role in Nigeria’s economic development, and our critical functions can only flourish in a secure and stable environment. But we are fighting a war where the enemy no longer carries guns , they carry laptops and exploit system vulnerabilities in milliseconds,” he told the IGP.
Olarenwaju further stressed that the rapid digital transformation of financial services has created a security paradox.
“As we deepen financial inclusion and expand digital channels, we also expand the attack surface for cybercriminals. The same technology that empowers the unbanked also empowers fraudsters operating from jurisdictions where Nigerian law enforcement has no reach. This is the new reality, and we need the police to evolve with it,” he said.
Present at the occasion were Managing Directors and Chief Executive Officers of banks such as Union Bank, Signature Bank, Parallex Bank, Standard Chartered Bank, Keystone Bank, Coronation Merchant Bank, Guaranty Trust Bank, United Bank for Africa, among others.
Securities and Exchange Commission (SEC) has commenced the implementation of a fully electronic registration system for capital market operators, marking a major milestone in its digital transformation drive aimed at improving regulatory efficiency, reducing processing time and strengthening oversight of Nigeria’s capital market.
The new electronic registration (e-Registration) platform, deployed through the Commission’s ePortal, allows designated regulatory services to be completed entirely online, eliminating manual processes for services covered in the current phase.
The initiative comes as the SEC intensifies reforms to modernise the Nigerian capital market, enhance the ease of doing business and leverage technology to improve service delivery to market participants.
In a statement issued on Wednesday, the Commission said Capital Market Operators (CMOs) can now complete designated post-registration processes electronically, from application submission and regulatory review to approvals and the communication of regulatory decisions.
According to the regulator, the platform is designed to simplify interactions between operators and the Commission, reduce administrative bottlenecks, shorten processing timelines and give applicants real-time visibility into the status of their applications.
The SEC said the transition to a fully digital registration process would also improve operational efficiency by introducing standardised workflows, electronic documentation, secure digital record management and stronger audit trails, while enhancing regulatory oversight.
“The new platform represents a major step towards creating a seamless digital regulatory ecosystem that enhances operational efficiency while strengthening regulatory effectiveness,” the Commission stated.
Beyond improving efficiency, the regulator said the platform would reinforce the integrity of regulatory processes by minimising delays associated with paper-based documentation and improving the quality of regulatory data used for supervision and decision-making.
It added that the digital system would provide a stronger foundation for regulatory analytics and future technology-driven innovations aimed at enhancing market oversight.
The Commission explained that the implementation is being rolled out in phases to ensure a smooth transition for market participants while safeguarding the stability and integrity of regulatory processes.
For now, the e-Registration platform is limited to post-registration services for existing Capital Market Operators.
entrants seeking registration in the Nigerian capital market are not yet covered under the current phase, adding that electronic processing for new registrations will be introduced at a later date.
The Commission urged all licensed operators to familiarise themselves with the new platform and comply with implementation timelines to ensure a seamless migration to the digital system.
The latest move forms part of the SEC’s broader reform agenda to modernise market infrastructure, improve transparency and strengthen investor confidence as Nigeria seeks to deepen its capital market and enhance its competitiveness in the global financial system.
Market observers believe the digital registration initiative is expected to reduce compliance costs, improve regulatory turnaround time and support a more efficient operating environment for licensed operators, while reinforcing the Commission’s push towards a technology-driven capital market ecosystem.
Elon Musk’s social media company X, formerly known as Twitter, launched its own bank account-like product where users can send money to one another.
The service, known as X Money, is not a new bank.
X Money is using technology and banking services provided by Cross River Bank, and branding that backbone as X Money.
It is common for new financial companies to use a traditional bank’s backbone to launch its services, as chartering a new bank is a timely and costly process.
Currently X Money is invite only, and users will receive a “X”-branded Visa debit card that is useable at any ATM.
Users of X will be able to send money to other X users in real-time, the company said. Invitations are only available to X’s paying members presently
In order to attract customers, X Money is offering a 6% yield on deposits and 3% cashback on eligible purchases.
In order to earn the 6% yield, a customer would need to deposit at least $1,000 into an account.
Customers would also have to be signed up for X’s premium services, which is at least $8 a month. It would require at least a deposit of $1,600 in order to cover X’s premium services cost.
Musk has long talked about turning X into an “everything app” that would include financial services.
Musk has his origins in financial services, creating one of the first online banks under the brand X.com. That company was later bought and merged into what is now known as PayPal.
It’s still early for X Money, but the company is entering into a competitive market, dominated by PayPal’s Venmo money transfer service and other peer-to-peer money transfer services like Zelle and Cash App.
Central Bank of Nigeria (CBN) imposed N430 million in penalties on financial institutions in 2025 over delays in resolving customer complaints and failure to comply with its directives, underscoring a tougher regulatory stance on consumer protection in the banking sector.
The sanctions were disclosed in the apex bank’s 2025 Annual Report, which showed that 21 penalties worth N430 million were imposed on financial institutions during the review period for infractions linked to complaints management.
According to Nairametrics, the report stated that the affected institutions were sanctioned for “delays in resolving customer complaints to failure to comply with the Bank’s directives.”
The report read, “the Bank imposed 21 penalties on financial institutions to the tune of N430.00 million, for infractions ranging from delays in resolving customer complaints to failure to comply with the Bank’s directives.”
The latest enforcement action comes as the CBN recorded a rise in the number of complaints lodged by users of financial services, suggesting greater reliance on the regulator’s consumer protection framework.
According to the report, the CBN received 23,129 complaints from consumers of financial services in 2025, representing a 10.53% increase from the 20,925 complaints recorded in 2024.
The apex bank attributed the increase to growing public awareness and stronger confidence in its complaint resolution process rather than a deterioration in banking services.
The report stated, “The Bank received a total of 23,129 complaints from consumers of financial services in 2025, a rise of 10.53%, above the 20,925 in 2024. The trend reflected increased awareness and improved confidence in the Bank’s consumer complaint resolution process.”
It added that 18,824 complaints were successfully resolved during the year, representing a 9.36% increase from the 17,213 complaints resolved in 2024.
The report also showed a sharp increase in the value of claims handled by the regulator.
Claims denominated in local currency rose to N40.61 billion in 2025 from N17.13 billion a year earlier, while foreign currency claims climbed to $344.2 million from $1.06 million.
consumers recovered N19.12 billion and $329.3 million in refunds during the year, compared with N9.66 billion and $0.67 million refunded in 2024.
Beyond the N430 million sanctions relating to customer complaints, the CBN disclosed that it imposed another 11 penalties worth N1.26 billion on financial institutions for regulatory breaches and failure to respond to regulatory queries.
The report indicates that complaints management formed part of a wider overhaul of the CBN’s supervisory and market conduct framework in 2025.
In 2022, the CBN issued a guide on how aggrieved customers can complain about financial institutions such as commercial banks.
The regulator established a dedicated Compliance Department to strengthen oversight of financial crime, market conduct, complaints management, advertising standards, cybersecurity, data protection and corporate governance across CBN-regulated institutions.
Olayemi Cardoso, governor, CBN, recently said that the CBN and deposit money banks are reviewing excessive transaction alerts and customer charges amid complaints from bank users over confusing debit notifications and deductions.
Cardoso said the apex bank had set up a quarterly engagement structure involving its consumer protection team, deposit money banks and the top 10 microfinance banks to address unresolved customer complaints.
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