We Have Spent Over N15billion to Protect Customers Against Cybercriminals in 2025 – FirstBank CEO

The Chief Executive Officer (CEO) of First Bank HoldCo Plc, Olusegun Alebiosu, has said the bank spent more than N15 billion to protect its systems from criminals between January and June 2025.

He stated this in Abuja on Wednesday during a two-day National Seminar on Banking and Allied Matters for Judges. He noted the bank spent ₦3 billion in June to protect its systems. Thus, maintains its status as the bank with the best cybersecurity framework in the country.

Increasing Cyberattacks

The CEO also spoke on the increasing number of attacks by cybercriminals, especially on banks’ systems. He frowned at the rate at which some citizens were involved in cybercrimes. He further stated that the country must move fast to curb its excesses.

“No customer would lose their money in First Bank unjustly. If their money is missing from First Bank, First Bank will pay it back. Before I joined First Bank, I had an account with First Bank.

“One of the reasons why I had an account with First Bank was that I said to myself, if my money is missing, it is the only bank I know I will collect my money back without any excuses.’’ He noted.

Response to Customer Complaints

Reacting to some customers’ complaints on the delay by the bank to handle cases of fraudulent transactions, Mr Alebiosu said the bank must conduct investigations involving different stakeholders.

Mr. Alebiosu said the delay was caused by the collaboration between the stakeholders involving security agencies and banks, where the money was transferred, to determine the realities about the cases, further urging customers to tread carefully in handling and releasing their financial information.

”Customers themselves, most times, also compromise their security details; I have seen a lot of people who give their cards to somebody to help them withdraw money from their ATM. They compromised their password, so when something happens and you say, my money disappeared, you forget the day you gave your card to someone else, and they can use that to transfer your money. Some people even compromise their ID on the system carelessly; some give their Bank Verification Number (BVN), and they use it against them.

”Now, why does it take time for the bank to react? Everything you give to the bank, the bank has to investigate it. The money might have gone to other banks, so you start tracking from other banks, but sometimes customers are impatient,” he noted.

Staff Fraud

Speaking on frauds allegedly perpetrated by staff, he said the bank had internal employee fraud software that monitors the activities of employees on the system.

“If you knew how many of our staff we sack every month, you wouldn’t believe it. So if there are triggers, people will be involved. It is for us to run faster than them and see how we can help to stop these kinds of things in our system, but wherever we see it, we deal with it decisively.” He pointed out.

He further urged various stakeholders, including the banks, law enforcement agencies, and the judiciary, to play a role to play in curbing cybercrimes.

(NAN)

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