E-Financial
Nigerian Banks Lose N199Bn to e-Fraud
Nigerian banks have lost a total of N199 billion to e-fraud between 2,000 and 2014, mostly due to inappropriate and reckless management of customers’ data, according to a report by the Leadership Newspaper.
Security assessment of Nigerian banks’ websites in the last two weeks carried out by Easy Solutions Ltd, a global e-fraud protection firm, indicated that electronic fraudsters had invaded Nigerian banking environment, deploying over 185 fake mobile applications on the websites of 15 out of 17 deposit money banks with which they are extracting customers’ personal and financial information with intent to steal billions of naira from bank accounts.
According to Leadership, the latest study showed that Nigerian banks in the past four weeks faced defacement attacks on their websites. Other attacks include email spamming targeting both banks’ websites and customers’ emails with intent to slow the websites and steal customer financial data.
Easy Solutions, which presented these findings at a one-day e-payment anti-fraud forum organised by Winigroup Ltd in Lagos last Wednesday for chief information officers (CIOs) of banks and CBN officials, also showed that the banks are under constant cyber defacement attacks.
Mr Dipo Fatokun, director, Banking and Payments System, CBN, noted that the new development was a threat to the stability of the banking industry and said that to battle the upsurge of e-fraud, CBN would work with relevant stakeholders to establish an industry security operations centre and a risk information centre in order to reduce e-payments frauds and enhance trust in the payments system.
In February this year, Deloitte said phishing and insider threats will con-tinue to be biggest cyber threat sources in Nigeria, especially as crude oil prices continue to fall.
In May, the Nigerian Interbank Settlement System (NIBSS) ePayment Fraud Landscape Report stated that there was 85 per cent success in fraud attempts. It also noted that automated teller machines (ATMs) had most fraudulent transactions while Internet banking fraud loss was put at N3.2 billion within the last one year.
Mr Jeremy Boorer, International director, Easy Solutions, said: “We looked at 17 Nigerian banks 10 days ago for signs of fake mobile apps. In 15 of them, we found the following: The first to 10th banks checked were found with 13, 10, 17, eight, 11, eight, nine, 13, seven and 20 fake mo-bile apps respectively. The 11th to 15th banks were also found with 11, 14, 13, 16 and 15 fake mobile apps.’
Internet-broadbandHe warned bank customers that app stores were full of fake apps claiming to come from banks, saying once a customer downloads and enters finan-cial information, including credit/debit cards details and personal identity numbers (PIN), his/her money is gone as the fraudster will clone the cards or transfer the money through online banking immediately.
“In the last four weeks, we discovered that hundreds of defacement at-tacks are going on Nigerian banks by hackers. It highlights the fact that the websites are not totally secure. Email is still the primary attack chan-nel. They pretend to be customers of the banks to contact the bank. E-fraud is initiated through account takeover, new account and true per-son/mule.”
Boorer said all channel fraud happens in one of the above fraud types through malware, phishing, social engineering, account opening process gaps (KYC/CIP).
According to him, “Social media seems to be a concern as banks create social media accounts and ask prospective customers to open bank ac-counts on social media.
“Fake banks are springing up on the social media and the data that are used to open such accounts, you don’t know where it ends. There are fi-nancial motivations to trick people to create social media accounts to steal financial/credit information which are sold in the dark internet mar-ket for as low as $10 by competing dark internet hacker sites.”
But Fatokun, who was represented by Mrs Margaret Ogundana, head, Banking and Payment System, CBN, said the apex bank was not just advocating e-payments but doing all it could to ensure that users’ funds are well protected as they embrace e-payment.
“CBN has, therefore, been a champion for the fight against e-fraud in Ni-geria. Several initiatives, directives and fora of this nature had been at the forefront of our activities at CBN,” he said, noting that the apex bank in 2010 introduced EMV cards policy which reduced the card fraud to the barest minimum.
“Then, upward increase in fraud incidences became alarming in 2014. Reports from Nigeria Inter-Bank Settlement System Plc (NIBSS) indicat-ed that 1,461 cases of electronic fraud were recorded in that year, which was a significant increase from the previous year’s figure.
The Securities and Exchange Commission (SEC) has unveiled plans to make sustainability reporting mandatory for large public interest entities from 2027 as Nigeria moves to align its corporate disclosure framework with global environmental, social and governance (ESG) reporting standards.
The phased implementation will begin with voluntary adoption by early adopters and large public interest entities before becoming mandatory in 2027. The requirement will extend to other public interest entities in 2028 and small and medium-scale enterprises (SMEs) by 2030.
Dr Emomotimi Agama, Director-General of the SEC, disclosed this at the 2026 Financial Institutions Training Centre (FITC) Sustainability and ESG Conference 3.0 in Lagos, themed ‘Building a Sustainable Africa: Integrating Environmental Stewardship, Social Investment, and Strong Governance for a Prosperous Future’.
Agama said Nigeria’s sustainability disclosure regime is being aligned with the International Sustainability Standards Board (ISSB) framework, including IFRS S1 and IFRS S2, which have emerged as the global benchmark for sustainability reporting.
He said that institutional investors increasingly consider ESG performance a key determinant of capital allocation rather than a peripheral corporate responsibility issue, noting that the price of entry is disclosure.
He said the reforms would strengthen investor confidence and position Nigerian businesses to access global capital markets, where sustainability disclosures are becoming an essential investment requirement.
According to him, Nigeria’s capital market has recorded significant expansion, with market capitalisation growing from about N130 trillion to nearly N160 trillion following recent market reforms, while assets under management have surpassed N9 trillion.
To deepen sustainable finance, Agama said the commission was promoting infrastructure, green and municipal bonds, alongside infrastructure-focused investment funds, to mobilise long-term capital for critical national projects.
He added that the SEC would also encourage investments in the blue economy and support financing for the power sector through green energy bonds, project bonds and public-private investment structures.
The SEC chief cited the recent launch of the Nigerian Exchange (NGX) Impact Board as another milestone in advancing sustainable finance and urged companies, regulators and investors to move beyond commitments by embedding sustainability into governance, operations and investment decisions.
Managing Director and Chief Executive Officer of the Financial Institutions Training Centre (FITC), Dr Chizor Malize, said sustainability and ESG had evolved from compliance issues to core drivers of business competitiveness, investment decisions and economic development.
She said the conference, now in its third edition since 2024, had become a leading platform for advancing sustainability discourse in Africa, adding that this year’s gathering was designed to move stakeholders “from conversation to commitment”.
Chairman of the FITC Advisory Board, Prof Fabian Ajogwu, described governance as the foundation of sustainable development, arguing that Africa must become a standard-setter rather than merely adopting frameworks developed elsewhere.
Although Africa contributes less than four per cent of global greenhouse gas emissions, he said, the continent bears a disproportionate share of climate-related impacts, including worsening floods and increasingly erratic weather patterns.
Ajogwu also cited estimates that poor governance costs Africa between $88 billion and $90 billion annually, while highlighting technology-driven agricultural initiatives, including a partnership involving Morocco’s OCP Group and the Nigeria Sovereign Investment Authority (NSIA), as examples of practical models that should be replicated across the continent.
Delivering the keynote address, Chairman of the MTN Nigeria Foundation, Mosun Belo-Olusoga, said the debate over the relevance of sustainability and ESG had ended, with the real challenge now centred on implementation.
She observed that global investors increasingly evaluate businesses on governance quality, resilience and their ability to manage environmental and social risks, in addition to profitability.
Belo-Olusoga noted that despite contributing the least to global carbon emissions, Africa possesses vast arable land, abundant renewable energy resources and critical minerals required for the global energy transition.
She identified four leadership priorities for the continent: shifting from short-term performance to long-term value creation, replacing corporate philanthropy with strategic social investment, moving beyond regulatory compliance to responsible leadership, and strengthening collaboration among governments, businesses and development partners.
She also outlined five priorities for Africa’s ESG agenda over the next decade, including embedding sustainability into corporate strategy and governance, investing in human capital, mobilising indigenous capital through instruments such as green bonds and pension funds, strengthening institutional accountability, and fostering partnerships in renewable energy, digital technology and climate-smart agriculture.
“The defining challenge before Africa is not a shortage of vision; it is execution,” Belo-Olusoga said, urging governments to create enabling policies, businesses to integrate ESG into enterprise risk management, and financial institutions to develop innovative financing mechanisms that support a green and inclusive economy.
Nigeria’s Bank Verification Number (BVN) database expanded to 69.55 million as of July 5 2026 from 69.32 million in June 2026, according to latest data released by the Nigeria Inter-Bank Settlement System (NIBSS).
BVN is an 11-digit biometric identification system introduced by the Central Bank of Nigeria and managed by the Nigeria Inter-Bank Settlement System (NIBSS) to secure customer accounts and reduce fraud.
This means that BVN enrolments increased by 228,947 between June and July 5 this year.
With the BVN database standing at 67.8 million as of December 31, 2025, it also means that the database grew by 1.75 million between the end of last year and July 5, 2026.
Specifically, with less than 1.8 million BVN enrolments so far recorded for this year, it is looking highly unlikely that BVN registrations at the end of 2026 will come close to the 4.3 million total registrations recorded in 2025.
Analysts note that while the expansion in the BVN database last year was largely driven by the introduction of the NonResident Bank Verification Number (NRBVN) initiative, which enables Nigerians in the diaspora to do their BVN enrolment remotely, thereby removing physical barriers and boosting cross-border financial engagement, the Central Bank of Nigeria (CBN) in March this year, announced a revised BVN regulatory framework, that saw it introducing stricter controls on suspected fraudulent transactions, BVN enrollment, and data access within the banking system.
According to the regulator, the amendments to the BVN framework, which came into effect on May 1, 2026, were aimed at strengthening fraud monitoring, improving identity management within the financial system and safeguarding the integrity of banking transactions, by strengthening identity verification and ensuring that BVN registration aligns with legally recognised age thresholds.
Thus, under the revised BVN framework, the apex bank introduced a stricter age requirement for BVN enrolment, limiting registration to 18-year-old individuals and above.
Also, under the new framework, customers will only be allowed to change the phone number associated with their BVN once. The CBN further stated: “Under the new guidelines, financial institutions are required to establish and maintain a temporary watch-list for BVNs linked to suspected fraudulent transactions reported within the banking system.
“A BVN may remain on this temporary Watch-list for a maximum period of twentyfour (24) hours, during which the BVN owner shall be contacted to provide clarification regarding the identified transaction(s).”
Launched on February 14, 2014, by the CBN in collaboration with the Bankers’ Committee, the NIBSS, and the German firm Dermalog, the BVN scheme was designed to capture the biometrics of all bank customers and provide each with a unique 11-digit identification number that can be verified across the Nigerian banking industry.
Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains legal tender across the country, warning that its rejection by individuals, businesses and institutions violates the law.
The clarification follows reports that some members of the public have refused to accept the standard N100 note over concerns about its legal tender status following the introduction of the commemorative N100 banknote issued to mark Nigeria’s centenary.
In a statement signed by Mrs. Hakama Sidi-Ali, acting director of Corporate Communications, the apex bank stressed that “both the commemorative N100 banknote and the standard N100 banknote are valid legal tender and must be accepted for all transactions nationwide.”
The CBN explained that the commemorative N100 note was introduced to celebrate Nigeria’s centenary and did not replace the existing standard N100 banknote.
The CBN cautioned individuals, businesses, financial institutions and other economic agents against rejecting the standard N100 note, noting that such action contravenes the provisions of the CBN Act and undermines public confidence in the national currency.
It warned that appropriate enforcement measures would be taken against any person or organisation found violating the law.
The apex bank reaffirmed its commitment to protecting the integrity of the naira, maintaining confidence in all duly issued banknotes and ensuring the smooth circulation of currency across the country.
The CBN also urged members of the public to continue accepting and transacting with all banknotes legally issued by the Bank and advised anyone seeking further clarification to use its official communication channels.
Police Busts Syndicate Who Allegedly Stole N3Bn from Financial Institution
MTN Accelerates Network Expansion to Meet Surging Telecom Demand
Court Remands Akujobi, Ex Access over alleged Theft of N294.5m
TeKnowledge, Equinix Partner to Advance Nigerian Digital Infrastructure
NSIB Faults Runway Identification, Reveals Cockpit Disagreement in Asaba Jet Incident
Nigeria Launches FreeTV Nationwide
NASENI Moves to Digitize CCB’s 5m Assets Declaration and Operations
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
Lebara Nigeria Launches Lebara Play, Africa’s First Telecom-Owned Micro-Drama Platform
CANAL+ Partners Samsung to Pre-Load DStv Stream on New Samsung TVs In Nigeria, Other African Countries
Telecom3 days agoFixed Wired Internet Market Lags as Mobile Gains Ground
News3 days agoStudy Reveals How Moniepoint is Powering Nigeria’s $11Bn Food Service Sector
Broadcasting3 days agoBON Establishes Six Ad Hoc Committees to Modernize Broadcasting
News2 days agoPolice Busts Syndicate Who Allegedly Stole N3Bn from Financial Institution
Telecom2 days agoDStv, GOtv Owner MultiChoice Officially Joins Canal+ Group
E-Business3 days agoNew NIMC Act Strengthens Data Protection, Privacy – Director
General News3 days agoCourt Adjourns Alleged Binance Tax Evasion Case over Settlement Talks
E-Financial2 days agoSEC Unveils Plans to Enforce Mandatory ESG Reporting for Large Firms Next Year