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.

Securities and Exchange Commission (SEC) has declared Zugacoin and Samzuga GPT—along with their variants SZCB and SZCB2—as unlicensed and unauthorized to operate within Nigeria’s capital market.

This is in  a decisive move to protect investors from emerging threats within the digital asset space.

In an official statement issued on Wednesday, the Commission warned that these cryptocurrency products are being falsely promoted online without any regulatory approval or valid operational credentials.

“The promoters or issuers of Zugacoin and Samzuga GPT are not registered to operate in any capacity in the Nigerian capital market, and also Zugacoin and Samzuga GPT are not approved by the Commission for issuance to the public,” the SEC cautioned.

Following preliminary investigations, the Commission classified both Zugacoin and Samzuga GPT as meme coins a category of crypto tokens often devoid of real-world utility, tangible backing, or intrinsic value.

“Meme coins derive their value largely from online hype and community speculation,” the SEC explained, adding that such assets are highly susceptible to “pump-and-dump” manipulation schemes designed to deceive retail investors.

In these schemes, promoters artificially inflate the value of a digital token through exaggerated or misleading marketing, luring investors into a price rally.

Once the price peaks, the initial promoters exit, triggering a value collapse that leaves ordinary investors with heavy losses.

Reinforcing its investor protection mandate, the SEC urged the Nigerian public to exercise caution when engaging with digital assets and to avoid unregulated cryptocurrency offerings.

“Accordingly, the public is advised to refrain from engaging in the purchase or promotion of Zugacoin and Samzuga GPT or any of their variants, as any person who invests in the scheme does so at his or her own risk,” the Commission stated.

The SEC also encouraged prospective investors to verify the regulatory status of any crypto platform or asset via its dedicated verification portal before committing funds.

This latest development underscores the SEC’s intensifying oversight of Nigeria’s crypto landscape, particularly as the country grapples with the growing prevalence of unregistered virtual asset schemes targeting unsuspecting investors.

As global interest in digital currencies surges, Nigerian regulators are keen to strike a balance between innovation and investor protection, especially amid reports of rising fraud, volatility, and misinformation in the crypto space.

For Zugacoin and Samzuga GPT, the SEC’s message is unequivocal: without regulatory legitimacy, there is no place for them in Nigeria’s financial markets.

Nigeria Inter-Bank Settlement System (NIBSS) has launched the National Payment Stack (NPS), a payment infrastructure aimed at redefining digital payments in Africa and building on the introduction of NIBSS Instant Payments.

The NPS which is ISO 20022 compliant, also aims to transform quick and seamless payments across the nation.

NIBSS Instant Payments (NIP), Africa’s first real-time account-based digital payment system, was established 14 years ago.

The NPS continues this heritage.

Mr. Premier Oiwoh, managing director of NIBSS, stated during the launch in Lagos  that the NPS was designed to get Nigeria ready for the digital payment future.

It’s a shift toward the future. We set the groundwork for Nigeria’s financial future with NPS, not simply another rapid payment system,” Oiwoh stated.

The NIBSS MD lists the following as some of the new payment platform’s features:

Instant settlements and real-time transactions

Using ISO 20022 for advanced payment message

Single and bulk payments on a single rail

A more effective mechanism for managing disputes

KYC validation via TIN, RC Number, or BVN

Direct Debit and Request-to-Pay features

Cross-border potential and multi-currency preparedness

Sandbox-enabled integration for partners in as little as 48 hours

Enhanced capacity for risk grading and fraud management

The strategic goal of developing the NPS, according to Oiwoh, is to promote innovation in digital payments, increase financial inclusion in the ecosystem, and boost government revenue collection, tax payments, and social intervention payments.

He continued by saying that an upgraded payment rail, like the NPS, is necessary to stimulate and get Nigeria ready for the future given its goal of creating a $1 trillion economy in eight years.

“Our goal of providing Nigeria and Africa with a platform that not only satisfies international standards but also takes into account our particular payment realities is reflected in the NIBSS Payment Stack.

“NPS is built to deliver smarter, faster, and more transparent payment experiences for everyone,” he stated, referring to Request-to-Pay, real-time settlements, automatic reconciliation, and improved dispute management.

Speaking at the ceremony, Mr. Philip Ikeazor, chairman of the NIBSS Board and Deputy Governor, Financial System Stability at the Central Bank of Nigeria, called the NPS an important and major turning point for the Nigerian financial ecosystem and NIBSS.

Ikeazor, who was accompanied by Mr. Musa Jimoh, the CBN’s Director of Payment System Policy, stated that the NPS establishes the groundwork for increased inclusivity, increased trust, and the upcoming wave of innovation in the digital payment space.

Speaking as well, Mr. Babajide Sanwoolu, governor of Lagos State, praised NIBSS for its capacity to unite diverse stakeholders in order to develop the domestic infrastructure.

This type of strategic relationship evolves to what Africa and Nigeria require to thrive in our constantly changing digital environment.

The governor, who was represented by Mr. Samuel Egube, deputy chief of staff, stated, “Lagos, the commercial hub of Nigeria, is thrilled to support innovations that make doing business easier, safer, more transparent, and more inclusive.”

We are expected to be aware that NIBSS, which was established in 1993 to offer the infrastructure necessary for smooth payments, settlements, and identity verification, is owned by the CBN and the nation’s deposit money banks.

With significant projects like the introduction of AfriGO, Nigeria’s national domestic card program, and the recent introduction of quick settlement on point-of-sale transactions for AfriGO cardholders, the organization has persisted in pushing the envelope of what is possible.

By facilitating richer data, enhanced transparency, and end-to-end traceability throughout the financial ecosystem, NPS, which was founded with interoperability at its core, promotes economic inclusion and payment system modernization.

Mr. Musa Jimoh, Director of Payment System Policy at the Central Bank of Nigeria, skillfully represented Chief Host Mr. Philip Ikeazor, Deputy Governor, Financial System Stability at the Central Bank of Nigeria and Chairman of the NIBSS Board, at the event. He gave a heartfelt and captivating welcome speech.

He welcomed the distinguished visitors with grace and urged them to unwind and take in the evening, which promised to be a display of creativity, teamwork, and cultural diversity. He continued by highlighting the importance of the National Payment Stack (NPS), characterising it as a turning point for Nigeria’s financial ecosystem as well as NIBSS; it establishes the groundwork for increased inclusion, deeper trust, and the upcoming wave of innovation in the digital payment space.

Lagos State Executive Governor Mr. Babajide Olusola Sanwo-Olu, ably represented by Mr. Samuel Egube, Deputy Chief of Staff, graced the launch event with live demonstrations of the National Payment Stack (NPS) functionalities and a goodwill message reaffirming the government’s commitment to fostering innovation in the digital payment space.

The CEO and Director General of the National identification Management Commission (NIMC), Abisoye Coker-Odusote, was also present and highlighted the critical role that digital identification plays in promoting national development and financial inclusion.

The AfricaNenda Foundation’s CEO, Dr. Robert Ochola, gave a powerful policy keynote address at the event. Jacqueline Jumah, AfricaNenda’s Director of Advocacy & Capacity Development, spoke on his behalf.

The future of digital payments in Nigeria and throughout Africa was examined in her speech and subsequent industry-led conversations.

Senior executives, directors, and deputy governors from more than 20 African central banks, national switches, and the AfricaNenda Foundation were welcomed to the occasion.

They are now in Nigeria for a five-day peer learning visit organized by NIBSS. Their presence demonstrated how important regional cooperation is to the development of inclusive, interoperable payment systems.

The National Payment Stack solidifies Nigeria’s position as a continental leader in promoting innovation, security, and interoperability as the global payment ecosystem changes.