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Banks, customers lose N134bn to fraudsters in five years– CBN

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The Central Bank of Nigeria Nigeria (CBN) has said that banks and their customers lost a combined N134.48bn to fraud between 2020 and 2025 amid a significant expansion in digital payments and financial technology adoption across the country.

This was according to a data contained in the CBN’s Nigeria Payments System Vision 2028 document.

The document, according to a report by The PUNCH, showed that attempted fraud across the banking and payments ecosystem amounted to N187.79bn during the six-year period, while actual losses stood at N134.48bn.

The losses were recorded across multiple payment channels, including over-the-counter transactions, Automated Teller Machines, cheques, e-commerce platforms, Internet banking, mobile banking, Point of Sale terminals, web channels and other electronic payment platforms, highlighting the growing challenge of safeguarding Nigeria’s increasingly digital financial system.

An analysis of the data showed that fraud losses increased steadily from N11.61bn in 2020 to N12.77bn in 2021 and N14.32bn in 2022. The figure rose further to N17.67bn in 2023 before surging dramatically to N52.26bn in 2024, the highest annual loss recorded within the six-year period.

The 2024 figure alone accounted for nearly 39 per cent of the total N134.48bn lost between 2020 and 2025, showing the scale of the fraud challenge faced by banks, payment service providers and customers.

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Similarly, attempted fraud climbed from N13.26bn in 2020 to N14.48bn in 2021, N16.41bn in 2022 and N19.72bn in 2023 before jumping to N86.36bn in 2024. However, both attempted fraud and actual losses declined in 2025, falling to N37.57bn and N25.85bn, respectively. The report attributed the sharp rise in fraud losses in 2024 largely to a major internal fraud case involving N30bn.

According to the document, “Fraud amounts in Internet Banking, Mobile, and POS channels declined, yet overall losses rose by 196 per cent, primarily due to a major internal case involving N30bn. Web fraud incidents also increased by 169 per cent.”

The apex bank noted that the trend demonstrated how a single large-scale fraud incident could significantly distort industry-wide loss figures despite improvements in several digital payment channels.

Before the 2024 spike, the report showed that fraud patterns had evolved across different payment platforms.

In 2021, web-based fraud declined by 43 per cent, but losses still increased because of a 276 per cent rise in Point of Sale fraud incidents. In 2022, fraud losses rose by 12 per cent, driven largely by major fraud incidents affecting corporate accounts, while ATM fraud surged by more than 2,000 per cent despite declines in mobile, POS and web channels.

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The report further revealed that fraud losses in 2023 increased by 23 per cent, largely due to an explosion in e-commerce-related fraud cases. “Fraud losses rose by 23 per cent, largely due to a spike in e-Commerce incidents, which escalated by 1,961 per cent. Mobile, POS, and Web channels recorded moderate increases,” the CBN stated.

Despite the persistent fraud threat, the regulator said the industry recorded a notable improvement in 2025 following stricter controls and enhanced collaboration among stakeholders.

The document stated, “In 2025, electronic payment fraud declined by 51 per cent, demonstrating the success of stricter regulations, increased industry cooperation, enhanced prevention strategies, and improved monitoring.”

It added that the Central Bank of Nigeria, working alongside industry stakeholders, had strengthened oversight and introduced collaborative safeguards aimed at reducing vulnerabilities across payment platforms.

The findings come as Nigeria experiences an unprecedented shift towards electronic payments, with instant transfers, mobile banking, fintech applications and digital wallets becoming central to daily commercial activities.

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In the foreword to the Payments System Vision 2028 document, CBN Governor Olayemi Cardoso said Nigeria’s payments ecosystem had evolved into one of the most dynamic and innovative in the world over the past decade, driven by real-time payments, digital adoption and fintech-led transformation.

Cardoso said the country had recorded significant growth in electronic payments and digital financial services under the previous Payments System Vision 2025 framework but stressed that the next phase would require stronger resilience and coordination as the system continued to expand.

The CBN acknowledged that while digitalisation has improved financial inclusion and lowered transaction costs, it has also created new risks that require stronger cybersecurity measures, consumer protection mechanisms and fraud-monitoring systems.

Under the new Payments System Vision 2028, the regulator plans to prioritise security, trust, innovation, interoperability, inclusion and collaboration as guiding principles for the next stage of payments system development. The framework also seeks to strengthen regulatory oversight, improve cyber resilience and deploy emerging technologies to combat increasingly sophisticated fraud threats.

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Makinde visits rescued victims of Oyo schools abduction in hospital

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Governor Seyi Makinde of Oyo state has expressed profound joy over the rescue of the pupils and teachers kidnapped from Oriire Local Government Area of the state.

Governor Makinde, who spoke after visiting the rescued victims at the Headquarters of the 2 Division Nigerian Army Medical Services, Odogbo Barracks, Ibadan, where the pupils and teachers are receiving medical attention following their release from captivity, described their return as a moment of gratitude and relief for the state.

The governor disclosed that all 39 pupils and five of the seven abducted teachers had been rescued and reunited with security personnel, giving glory to God and commending officers and men of the Nigerian Army and other security agencies for their efforts in securing the victims’ freedom.

Makinde, however, noted that the rescue operation came with sacrifices, revealing that some security operatives lost their lives during the operation.

He extended condolences to the bereaved families and assured them that the sacrifices of their loved ones would not be in vain.

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Speaking on the condition of the rescued victims, the governor said the pupils and teachers were happy to regain their freedom, but noted that some of them appeared physically weak and would require medical care and psychosocial support to overcome post-traumatic experiences from their prolonged captivity.

According to him, the rescued victims will remain under medical observation for the next 48 hours, after which an assessment will be conducted before their formal transfer from military authorities to the Oyo State Government for further management and rehabilitation.

Governor Makinde also disclosed that arrangements were being made to bring family members to the barracks to see their loved ones, particularly noting the case of a young girl who had repeatedly asked for her mother since regaining freedom.

He urged Nigerians to remain united in the face of security challenges, stressing that difficult periods should serve as moments for collective action rather than division.

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The governor added that he would officially brief the people of Oyo State and Nigerians in the coming week on the circumstances surrounding the abduction and the efforts that culminated in the successful rescue of the victims.

On Friday, the presidency announced the rescue of the victims, with President Bola Tinubu’s aide, Bayo Onanuga, revealing that eight members of the kidnapping gang were arrested during the rescue operation and are now in the custody of the DSS.

He said the rescue operation did not involve any exchange or concession to the kidnapper.

According to him, a notorious gang leader whose release had been demanded by the abductors remains in custody and is being prosecuted for his alleged crimes.

In a statement on Friday night, President Tinubu expressed delight over the successful rescue of abducted children and teachers, commending the military, the Department of State Services (DSS), and the Nigeria Police Force for ending their 56-day captivity.

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He also sympathised with the children, teachers and their families over the trauma they endured during the prolonged ordeal.

The President further commended the Oyo State Government for its cooperation with the Federal Government throughout the rescue operation and urged the state to strengthen security around schools to prevent similar incidents.

Tinubu also directed emergency response agencies to work with the Oyo State Government to provide the rescued children and teachers with all necessary medical care and relief support as they recover from the ordeal.

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Kwankwaso hails Tinubu for retaining Shettima as running mate

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A chieftain of the All Progressives Congress (APC), Musa Illiyasu Kwankwaso, has said President Bola Ahmed Tinubu’s decision to retain Vice President Kashim Shettima as his running mate for the 2027 presidential election has strengthened the party’s support base across Northern Nigeria.

In a statement he personally signed on Saturday, Kwankwaso, who is the Director of Finance at the Hadejia Jama’are River Basin Development Authority, said the decision had boosted the confidence of APC members and supporters in the region following the submission of the Tinubu-Shettima nomination forms to the party’s National Working Committee (NWC) in Abuja.

According to him, retaining Shettima has also disappointed those who expected the President to replace the Vice President ahead of the 2027 election.

“President Tinubu’s decision to retain Vice President Kashim Shettima is the best development for the North and the APC. It has further united the region and strengthened the party’s chances ahead of the 2027 elections,” he said.

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Kwankwaso praised Shettima for what he described as his efforts to promote unity in Northern Nigeria and his support for the policies of the Tinubu administration.

“We have seen how Vice President Kashim Shettima has worked tirelessly to promote unity in the North despite attempts by some individuals to create division. He has also represented President Tinubu creditably at various international engagements,” he said.

The APC chieftain expressed confidence that the Tinubu-Shettima ticket would receive massive support from Northern voters during the 2027 general election.

He added that the decision would not only improve the party’s chances in the presidential race but also strengthen APC candidates contesting governorship, National Assembly and other elective positions across the region.

“Retaining Shettima is a strategic decision that will further consolidate the APC’s support base in the North and enhance the party’s electoral prospects at all levels,” Kwankwaso added.

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Full Statement: How we rescued kidnapped students, teachers – Nigerian Army

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Following the successful rescue of the 44 pupils and teachers abducted in Oriire LGA of Oyo state, the Nigerian Army has explained that multiple arrests made during a month-long intelligence-led operation forced the terrorists to release their victims.

The army said the coordinated operation, which it said began soon after the victims werekidnapped on May 15, targeted the criminal network responsible for the abduction, leading to the rescue of the victims on July 10.

The abducted pupils and teachers finally regained their freedom nearly two months after they were abducted by gunmen.

In a statement on Friday, Danjuma Jonah Danjuma, acting deputy director of 2 Division Army public relations, said the operation was led by Major General C.R. Nnebeife, general officer commanding (GOC) of the division.

He said the operation involved personnel from the National Counter Terrorism Centre (NCTC), Defence Headquarters, the Nigerian Army, Navy and Air Force, the Nigeria Police Force, the Department of State Services (DSS), the National Intelligence Agency (NIA), the Nigeria Security and Civil Defence Corps (NSCDC), as well as local vigilantes, hunters and Amotekun operatives.

According to the statement, the operation focused on identifying the kingpins behind the abduction and dismantling their logistics network, informants and hideouts in the Old Oyo National Park forest and other parts of the country.

The army said multiple arrests were effected in Oyo and other states during the operation.

It said the arrests disrupted the operations of the kidnappers and mounted sufficient pressure on the group to release the victims unconditionally.

“Multiple arrests were made within Oyo State and in other locations across some States in the Country,” the statement reads.

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“These arrests completely disorganized the group, exerted overwhelming pressure on them and ultimately led the terrorist group to unconditionally release the pupils and teachers.”

The army said further operations would be conducted to apprehend other members of the group.

The statement said the operation was carefully planned to ensure the safe rescue of the victims while avoiding collateral damage.

It, however, disclosed that there were casualties on the part of the army during the operation.

The rescued pupils and teachers are receiving medical attention at an undisclosed hospital. They would subsequently be handed over to the Oyo state government for reunification with their families.

The GOC thanked President Bola Tinubu for providing what he described as strategic guidance and support throughout the operation.

He also commended Seyi Makinde, governor of Oyo state, for supporting security agencies during the rescue mission.

The army further appreciated Nuhu Ribadu, national security adviser; Christopher Musa, minister of defence; Olufemi Oluyede, chief of defence staff; Waidi Shaibu, chief of army staff; other service chiefs; Olatunji Disu, inspector-general of police; and the directors-general of the DSS and NIA for their support and coordination.

The statement urged Nigerians to remain vigilant and continue providing timely and credible information to security agencies to strengthen efforts to safeguard lives and property across the country.

The FULL Statement:

KIDNAPPED STUDENTS AND TEACHERS IN OYO STATE RESCUED FOLLOWING, SURGICAL INTENSE AND WELL COORDINATED OPERATIONS IN OLD OYO NATIONAL PARK AND OTHER PARTS OF THE COUNTRY

1.   Following an intelligence-led carefully planned and executed operations, on 10 July 2026, troops of the Nigerian Army, led by the General Officer Commanding 2 Division, Nigerian Army, Ibadan, *Major General CR Nnebeife*, in collaboration with special units from the Office of the National Security Adviser (ONSA) specifically the National Counter Terrorism Center (NCTC),the Defence Headquarters with Special Forces elements from the Nigerian Army, Navy the Air Force and the Nigeria Police, the Department of State Services (DSS), National Intelligence Agency (NIA), the Nigeria Security and Civil Defence Corps and other security agencies as well as local vigilantes/hunters/Amotekuns, in a well coordinated operation rescued a total of  44 pupils and teachers kidnapped by terrorists from Oriire Local Government Area of Oyo State on 15 May 2026.

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2.  The operations, which lasted for more than a month, focused on identifying the terrorists kingpins  that masterminded the kidnapping, bursting and dismantling their networks and logistics links, including their informants and hideouts located within the Old Oyo National Park Forest, Oyo State.

3.  As part of the operations, multiple arrests were made within Oyo State and in other locations across some States in the Country. These arrests completely disorganized the group, exerted overwhelming pressure on them and ultimately led the terrorist group to *unconditionally release* the pupils and teachers. Further operations are to be conducted.

4.  It suffices to note that the operations were carefully planned and executed to avoid collateral damages and to equally ensure that the innocent children and teachers were safely rescued.  However, there were some casualties on the part of the security forces.

5.  The pupils and teachers are currently receiving medical attention in an undisclosed  hospital and will be handed over to the Oyo State Government in due course so as to be reunited with their families.

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6.  The GOC 2 Division wish to on behalf of all the participating  agencies most sincerely and respectfully thank and appreciate His Excellency, the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, President Bola Ahmed Tinubu GCFR for the Strategic Guidance, Support and for all the provisions that made the operations a huge success.

7.  The GOC also wishes to once again thank the Governor of Oyo State, Engr Seyi Makinde and indeed the good people of the State for their continous support to security agencies especially during the trying period.

8.  The GOC also appreciates the National Security Adviser, Mallam Nuhu Ribadu, the Hon Minster of Defence, the Chief of Defence Staff, the Chief of Army Staff and other Service Chiefs, Inspector General of Police and the Directors General DSS and NIA as well as Heads of other Security Agencies for their support and for the opportunity to relate directly with all the security agencies to ensure a seamless coordination and execution of the operations.

9.  We sincerely thank the various media houses and indeed the entire Nigeria populace for their support,  understanding and for having faith in the security architecture of the Nation. We urge all to remain vigilant and continue to support all security agencies by providing timely and credible information that would assist in the ongoing efforts to safeguard lives and properties across Nigeria.

DANJUMA JONAH DANJUMA
Lieutenant Colonel
Acting Deputy Director
2 Division Army Public Relations
10 July 2026

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