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Cyber Fraud in Nigerian Banks: Trends, Regulatory Gaps, and Mitigation Strategies

Chibuzor Akujobi, Francisa Ogwueleka, Gilbert Aimufua, Steven Bassey

2025encyber fraudbankingNigeriacybersecuritydigital paymentsregulation

Abstract

Language:

Cyber fraud presents a rapidly escalating threat to Nigeria’s banking sector, fuelled by accelerated digitalisation, expanding electronic payment channels, and weak cybersecurity governance. Despite some decline in reported incident counts, financial losses increased sharply from ₦17.67 billion in 2023 to ₦52.26 billion in 2024, indicating rising attack sophistication and impact. This study qualitatively reviews literature, regulatory reports, and major fraud cases from 2020 to 2025 to analyse fraud trends, key attack vectors, and systemic control failures. Core challenges include legacy system vulnerabilities, pervasive social engineering, insider collusion, inadequate internal controls, and regulatory and enforcement gaps across institutions such as the CBN, NDIC, EFCC, and law enforcement agencies. The paper evaluates recent and evolving regulatory initiatives, including CBN’s risk-based cybersecurity framework and emerging APP fraud guidelines, against observed fraud patterns. It concludes that regulatory and law-enforcement measures remain insufficient on their own and must be complemented by stronger technical controls, improved governance, enhanced staff training, customer awareness, and sustained public–private collaboration to build effective cybersecurity resilience in Nigerian banks.

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Cite This Work

@article{d652ec75-b7e2-46db-812c-83b1f1120196,
  title={Cyber Fraud in Nigerian Banks: Trends, Regulatory Gaps, and Mitigation  Strategies },
  author={Chibuzor Akujobi and Francisa Ogwueleka and Gilbert Aimufua and Steven Bassey},
  year={2025},
  language={en}
}
TY  - JOUR
TI  - Cyber Fraud in Nigerian Banks: Trends, Regulatory Gaps, and Mitigation  Strategies 
AU  - Chibuzor Akujobi
AU  - Francisa Ogwueleka
AU  - Gilbert Aimufua
AU  - Steven Bassey
PY  - 2025
LA  - en
ER  -

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