Lagos, Nigeria – The Inspector-General of Police, IGP Kayode Egbetokun, has declared Nigeria’s banking industry a strategic national asset, unveiling a comprehensive intelligence-led crackdown on cybercriminal networks, insider facilitators, and transnational financial crime syndicates threatening the financial system.
Speaking at a strategic meeting with the Chartered Institute of Bankers of Nigeria (CIBN) and the Body of Bank Chief Executive Officers in Lagos, Egbetokun emphasized a shift from reactive policing to proactive disruption of organized criminal enterprises targeting financial institutions.
“The Nigerian banking industry is not merely a driver of economic activity; it is a core component of our national stability architecture,” Egbetokun said. “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 adjustment, the IGP announced that regular police officers would no longer be deployed for routine cash-in-transit escorts or non-essential VIP protection duties within the private sector. The decision aligns with national policy direction and manpower optimization, and reflects a move toward a more sustainable, professional, and institutionally governed model of banking-sector security.
Egbetokun highlighted the increasing sophistication of modern threats, noting that conventional risks like armed robbery have been overtaken by cyber-enabled fraud, identity compromise, insider facilitation, organized financial crime, and illicit financial flows. He warned that disruptions to banking operations now carry international reputational consequences, citing compliance standards set by the Financial Action Task Force (FATF) and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) obligations.
The Police have intensified covert operations targeting kidnapping syndicates, illegal arms networks, and organized criminal enterprises, while strengthening coordination with the Economic and Financial Crimes Commission (EFCC), Nigeria Financial Intelligence Unit (NFIU), and the Central Bank of Nigeria (CBN) to close enforcement and oversight gaps.
“Security is not merely the absence of crime; it is the presence of stability that enables productivity, investment, and growth,” the IGP said. “A secure banking environment supports savings mobilization, credit expansion, financial inclusion, and investor confidence.”
Banking leaders at the meeting, including Oliver Alawuba, Chairman of the Body of Bank Chief Executive Officers, and CIBN President Professor Pius Olarenwaju, lauded the Police for their efforts but stressed the urgency of adapting to modern cyber threats. Alawuba called for the same urgency and structured support previously demonstrated when the banking sector aided in renovating police infrastructure destroyed during the EndSARS protests.
“The enemy no longer carries guns—they carry laptops,” Olarenwaju said, describing the fast-paced digital threat environment. “The rapid transformation of financial services has expanded the attack surface for cybercriminals, and law enforcement must evolve accordingly.”
The meeting was attended by managing directors and CEOs from top banks including Union Bank, Standard Chartered Bank, Guaranty Trust Bank, United Bank for Africa, Keystone Bank, Coronation Merchant Bank, Signature Bank, and Parallex Bank.
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