Lagos, Nigeria – First City Monument Bank (FCMB) has blocked a suspected cyber‑fraud attempt to steal N2.4 billion and is recovering most of the money that had already been moved. The fraud was uncovered in December 2025 when the bank’s systems detected a large‑scale attack on one of its digital products.
Okay News reports that the original scheme aimed to take more than N3 billion, but FCMB’s systems stopped the bulk of the transfers early. About N677 million was still sent to the fraudsters before the bank cut off access, and recovery efforts are now focused on retrieving those funds. No FCMB customers are reported to have lost personal deposits, underscoring that the fraud targeted systems and processes, not individual accounts.
Evidence presented in court shows that the fraud was carried out through unauthorised transactions linked to an FCMB digital product. The Economic and Financial Crimes Commission (EFCC) has arrested several suspects and beneficiaries, and multiple legal cases are ongoing in Lagos, including at the Lagos State Special Offences Court and the Federal High Court. One alleged ringleader, Andrew Odekina, is being held in connection with receiving and retaining about N9.87 million from the scheme and has pleaded not guilty.
Subsequent briefings clarify that of the over N3 billion initially targeted, FCMB blocked N2.4 billion and is working to recover the N677 million already transferred. The episode highlights the bank’s cybersecurity monitoring and the growing collaboration between banks, regulators, and law enforcement in tackling digital fraud. Industry experts say the case marks a shift from pure prevention toward stronger rapid‑response and recovery strategies, as Nigeria’s banking sector faces more complex cyber threats.
 has blocked a suspected cyber‑fraud attempt to steal N2.4 billion and is recovering most of the money that had already been moved. The fraud was uncovered in December 2025 when the bank’s systems detected a large‑scale attack on one of its digital products.){kind=link}