have siphoned approximately ₦134 billion from banks and customers across Nigeria between 2020 and 2025, according to the Central Bank of Nigeria (CBN).
The apex bank disclosed the figure in its latest assessment of financial system vulnerabilities, highlighting a sustained rise in electronic and banking-related fraud despite ongoing regulatory and security interventions.
The CBN said the losses reflect growing sophistication among cybercriminals targeting digital banking platforms, payment systems, and unsuspecting customers through various fraud schemes.
While details of specific incidents were not immediately outlined, the central bank warned that the trend poses a serious risk to confidence in Nigeria’s financial system if not urgently addressed.
Authorities have in recent years intensified efforts to strengthen cybersecurity frameworks across commercial banks and fintech platforms, but fraud cases continue to evolve alongside digital adoption.
The CBN reaffirmed its commitment to tightening oversight and collaborating with financial institutions to reduce exposure and improve consumer protection across the sector.
