The Chairman of the Economic and Financial Crimes Commission (EFCC), Barrister Ola Olukoyede, has raised alarm over a wave of sophisticated cyberattacks targeting Nigerian banks, revealing that six financial institutions have already been affected in a series of coordinated breaches.
Speaking during an exclusive appearance on TVC News’s Journalists Hangout, Olukoyede disclosed that the EFCC has arrested key suspects who are currently cooperating with investigators to unmask other accomplices still at large.
“These are not random attacks,” he stated. “They are carefully orchestrated cyber heists involving both local insiders and foreign collaborators, often operating from regions like Eastern Europe and the United States.”
According to the EFCC chairman, the modus operandi typically involves compromised bank staff who grant external hackers access to internal systems. Once inside, the hackers swiftly take over digital platforms, moving billions of naira within seconds.
Olukoyede revealed that the EFCC has already thwarted significant financial losses, recovering ₦9.7 billion, ₦6.7 billion, and ₦3.7 billion in three major cases. He emphasized that banks themselves are not at fault but must tighten internal controls and conduct thorough staff audits.
“We are deliberately managing the flow of information to the public to avoid panic, but I assure Nigerians that we are fully in control of the situation,” he said.
Crackdown on Crypto Scams
The EFCC boss also revealed that the agency has recovered substantial funds linked to CBEX, a cryptocurrency-based Ponzi scheme. He explained that many such scams are masterminded by foreign nationals who exploit reputable Nigerians to give fraudulent operations a façade of credibility.
Olukoyede detailed how funds from victims were funneled into non-custodial crypto wallets, with some traced to locations in Eastern Europe and Cambodia. The EFCC, however, managed to freeze several wallets before the funds were fully dispersed. Investigations into the scam are still ongoing, and a comprehensive report will be released upon conclusion.
Tompolo, Naira Abuse, and Public Accountability
In a related development, Olukoyede confirmed that the EFCC is investigating a viral video allegedly showing former militant leader Chief Government Ekpemupolo, popularly known as Tompolo, engaging in naira abuse during his 54th birthday celebration.
The video, which sparked widespread outrage, shows a man spraying ₦1,000 notes while Tompolo dances in the background. The EFCC has since invited Tompolo for questioning.
“Let me be clear—nobody is above the law,” Olukoyede said. “However, we are conducting a forensic analysis of the video, and until investigations are concluded, no assumptions of guilt should be made.”
He referenced a recent case where musician Teee Dollar (Babatunde Peter Olaitan) and content creator Tobi Nation (Tobilola Olamide) were each sentenced to six months in prison for similar naira abuse offences.
As the EFCC deepens its crackdown on cybercrime and financial misconduct, Olukoyede reiterated the agency’s commitment to transparency, justice, and protecting Nigeria’s financial system from criminal exploitation.
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