Court Orders 54 Banks to Return ₦9.3 Billion Stolen in Cyberattack
Lagos, Nigeria – April 15, 2025 – A Federal High Court in Lagos has ruled that 54 commercial banks must immediately return ₦9.3 billion fraudulently transferred from a leading Nigerian bank in a sophisticated cyberattack. The judgment, delivered by Justice Deinde Dipeolu, comes after the victim bank uncovered a large-scale digital theft affecting thousands of customer accounts.
Details of the Cyber Fraud Incident
The attack occurred on March 23, 2025, when hackers breached the bank’s security systems and initiated unauthorized transfers totaling ₦9,329,322,870. The stolen funds were quickly dispersed across 54 different financial institutions through a series of rapid transactions designed to evade detection.
After discovering the breach, the bank immediately alerted the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), and all recipient banks. Investigators traced the money through multiple layers of accounts, including primary, secondary, and tertiary beneficiaries, in an attempt to launder the stolen funds.
Court’s Ruling and Immediate Actions
Justice Dipeolu issued the following orders in his judgment:
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All 54 banks must freeze the affected accounts under a “Post No Debit” restriction.
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Full refunds must be made to the victim bank from any recoverable funds.
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Detailed transaction records, including beneficiary names and account balances, must be submitted to authorities.
The judge clarified that the ruling only applies to the stolen funds and does not affect legitimate customer deposits in the implicated accounts.
Growing Cybercrime Threat in Nigeria’s Banking Sector
This case highlights Nigeria’s escalating cybersecurity crisis:
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Over 4,700 cyberattacks target Nigerian banks every week (Check Point Software).
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Banks and customers lost ₦59.33 billion to fraud between 2019-2023 (NIBSS).
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Nigeria ranks 19th globally for cyberattacks and 1st in Africa (2024 Cybersecurity Report).
Government and EFCC’s Response
The EFCC confirmed that cybercrime now accounts for most financial fraud cases in Nigeria. To combat this, the agency is:
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Building a Cybercrime Research Centre to train cybersecurity experts.
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Collaborating with fintech firms to strengthen digital defenses.
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Freezing suspicious accounts linked to illegal forex trading and fraud.
National Security Adviser Nuhu Ribadu also emphasized Nigeria’s push for AI-driven security solutions, with 85% of programs developed locally to protect financial systems.
This landmark ruling sets a precedent for holding banks accountable in cyber fraud cases. However, experts warn that stronger real-time monitoring systems and customer awareness are needed to prevent future breaches.
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