First Bank HoldCo Plc has disclosed that it spent over ₦15 billion to protect its banking systems from cyberattacks between January and June this year, as digital threats to financial institutions continue to rise across Nigeria.

Mr. Olusegun Alebiosu, CEO, First Bank

Mr. Olusegun Alebiosu, chief executive officer of the bank, revealed this on Wednesday while speaking on the sidelines of a two-day National Seminar on Banking and Allied Matters for Judges, held in Abuja.

Alebiosu said the bank invested ₦3 billion in cybersecurity measures in June alone, part of a broader commitment to safeguarding customer assets and maintaining trust in Nigeria’s banking system.

The News Agency of Nigeria reports that the CEO said the bank had the most robust cybersecurity framework in the country, which justified the substantial investment.

Speaking on the rising wave of cyberattacks targeting banking systems, Alebiosu assured First Bank customers that their funds remained secure.

He also expressed concern over the growing involvement of some Nigerians in cybercrime, stressing the urgent need for the country to tackle the menace decisively.

He said, “No customer would lose their money in First Bank unjustly. If their money is missing from First Bank, First Bank will pay it back. Before I joined First Bank, I had an account with First Bank. One of the reasons why I had an account with First Bank was that I said to myself, if my money is missing, it is the only bank I know I will collect my money back without any excuses.”

Responding to customers’ complaints about delays in addressing cases of fraudulent transactions, Alebiosu explained that the bank must carry out thorough investigations involving multiple stakeholders.

He said the delays often stem from the need for collaboration between security agencies and the recipient banks to ascertain the facts surrounding each case thoroughly.

Alebiosu also advised customers to be cautious when handling and sharing their financial information.

“Customers themselves, most times, also compromise their own security details; I have seen a lot of people that give their cards to somebody to help them withdraw money from their ATM. They compromised their password, so when something happens and you say, my money disappeared, you forget the day you gave your card to someone else and they can use that to transfer your money,” he said.

“Some people even compromise their own ID on the system carelessly; some give their Bank Verification Number (BVN), and they use it against them.”

“Now, why does it take time for the bank to react? everything you give to the bank, the bank has to investigate it. The money might have gone to other banks, so you start tracking from other banks, but sometimes customers are impatient,” he said.

Regarding alleged fraud committed by staff, he stated that the bank uses internal employee fraud detection software to monitor staff activities on its systems.

He added. “If you knew how many of our staff we sack on a monthly basis, you wouldn’t believe it. So if there are triggers, people will be involved. It is for us to run faster than them and see how we can help to stop these kinds of things in our system but wherever we see it, we deal with it decisively.”

He stated that curbing cybercrimes requires the active involvement of various stakeholders, including banks, law enforcement agencies, and the judiciary.

The Central Bank of Nigeria (CBN) has reaffirmed the resilience and soundness of the Nigerian banking sector while unveiling a set of targeted transitional measures affecting a select number of financial institutions.

These measures represent the final phase in winding down the temporary regulatory accommodations introduced in the aftermath of the COVID-19 pandemic, and are intended to consolidate the gains achieved during that period of exceptional support.

The measures, announced in a circular signed by Hakama Sidi Ali, acting director of Corporate Communications, are not broad-based but instead apply to a limited group of banks. They include temporary restrictions on actions such as the payment of dividends and the disbursement of bonuses to executive management.

According to the CBN, these restrictions are meant to conserve internal capital, strengthen capital adequacy, and bolster long-term institutional resilience. The banks affected have been formally notified and are currently under enhanced regulatory engagement and close supervisory monitoring.

The regulatory move forms part of the CBN’s sequenced and structured implementation of the banking sector recapitalisation programme, which was formally introduced in 2023.

The programme is designed to align the banking sector with Nigeria’s broader economic development goals and ensure banks remain well-capitalised in line with the evolving demands of a growing economy. The majority of Nigerian banks have either met or are firmly on track to meet the new capital thresholds ahead of the March 31, 2026 deadline set by the apex bank.

To support this transition, the CBN said it is providing narrowly defined allowances within its capital framework, ensuring flexibility without compromising prudential standards. These provisions are fully aligned with global best practices and reflect the CBN’s commitment to maintaining a forward-looking, risk-based regulatory environment.

In fact, Nigeria’s Risk-Based Capital requirements already exceed the minimum benchmarks set by the Basel III framework, highlighting the regulator’s proactive posture in safeguarding the financial system.

The central bank stressed that these actions are entirely routine within the broader framework of supervisory oversight and reflect international standards.

Emphasising its ongoing commitment to transparency and collaboration, the CBN reaffirmed that it will continue to engage stakeholders across the financial industry through established platforms including the Bankers’ Committee, the Body of Bank CEOs, and other relevant industry groups.

The engagement is expected to ensure that regulatory changes are well-understood, predictable, and effectively implemented with industry input.

The CBN restates that Nigeria’s banking system remains fundamentally strong, stable, and well-capitalised. The transitional guidelines announced do not signal distress within the system but are instead part of a broader, methodical reform process aimed at future-proofing the sector.

The apex bank underscored that these steps are designed to ensure that the banking industry remains a solid foundation for inclusive, sustained economic growth and national development.

Securities and Exchange Commission (SEC) is working with developers to establish a regulatory framework for stablecoins, according to Dr. Emomotimi Agama, director-general, SEC.

Agama made this announcement during his keynote speech at the 2025 Decentralized Finance (DeFi) Conference.

Agama said the SEC’s commitment is to foster a responsible decentralized finance environment.

“The commission believes responsible DeFi can thrive in a regulated environment,” he said, highlighting the SEC’s efforts to enhance investor education through its “Crypto Smart, Nigeria Strong” initiative.

The program aims to educate young investors across schools, universities, and social media on blockchain basics, scam detection, and long-term investing benefits.

The SEC is also focusing on regulatory evolution, with plans to streamline its licensing regime.

“We are enhancing our licensing architecture to make it more efficient, more transparent, and more risk-based,” Agama noted.

The commission is exploring a framework for naira-pegged stablecoins, backed by verifiable reserves and audited by independent custodians, to facilitate cross-border trade and programmable finance.

It is also reviewing pathways for digital asset Exchange Traded Funds (ETFs), custodial wallets for pension funds, and tokenized securities for institutional investors.