First City Monument Bank (FCMB) has successfully foiled a major cyber fraud attempt involving over N3 billion, blocking the illicit transfer of N2.4 billion after detecting suspicious transactions linked to one of its digital banking products in December 2025.
However, before the bank’s internal security architecture shut down the breach, N677 million had already been transferred to accounts controlled by suspected members of the fraud syndicate. Recovery efforts are now underway, with law enforcement agencies intensifying moves to trace and retrieve the diverted funds.
Findings presented before the Lagos State Special Offences Court revealed that the fraud was executed through unauthorized digital transactions targeting a product offered by FCMB.
The operation was described as a coordinated cyber-enabled scheme designed to siphon more than N3 billion from the bank’s systems.
Multiple suspects and beneficiaries have since been arrested, with the Economic and Financial Crimes Commission (EFCC) leading investigations, asset tracing, and prosecution.
One of the principal suspects, Andrew Odekina, was arrested and arraigned before Justice Mojisola Dada in Ikeja. Prosecutors alleged that Odekina received and retained N9.87 million believed to be proceeds of the fraudulent transactions.
He pleaded not guilty to the charges, and the matter has been adjourned until May 11 for trial. Parallel proceedings are also ongoing at the Federal High Court in Lagos, where additional suspects are facing related charges.
Subsequent clarifications during the court proceedings confirmed that although over N3 billion was initially targeted, FCMB’s monitoring systems successfully blocked and secured N2.4 billion before it could be withdrawn. The N677 million that slipped through prior to detection is currently being traced.
Authorities say efforts are focused not only on prosecution but also on ensuring that convicted individuals are permanently blacklisted from operating within Nigeria’s financial system.
A Lagos-based cybersecurity analyst noted that modern banking fraud operations are increasingly sophisticated, often involving layered digital access points and mule account networks.
According to him, “The real strength of a bank’s security architecture is not just in preventing attacks, but in how quickly it detects anomalies and shuts them down. In this case, blocking N2.4 billion before full execution shows effective real-time monitoring.”
Financial crime specialists also highlight the growing synergy between banks, regulators, and enforcement agencies like the EFCC. Such collaboration, they argue, improves asset tracing speed and increases the likelihood of recovering diverted funds.
Analysts add that as digital banking adoption expands across Nigeria, fraud attempts are expected to evolve in complexity. This makes continuous system upgrades, staff training, and inter-agency intelligence sharing critical components of financial sector resilience.
