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.

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.

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.

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.

Iran has sais that it has closed the Strait of Hormuz again, citing a continued presence of United States forces in the region and Israel’s refusal to pull forces out of southern Lebanon.

According to a New York Post report, the Islamic Revolutionary Guard Corps (IRGC) announced the decision in a statement read over maritime radio channels on Friday.

The IRGC said the US was in violation of the memorandum of understanding between Washington and Tehran, which President Donald Trump and Iranian President Masoud Pezeshkian signed Wednesday.

“Since Israel’s withdrawal from Lebanon, the complete lifting of the naval blockade, and the withdrawal of American terrorist forces from the Persian Gulf and the region are among the main conditions of the agreement between Iran and the United States, the Strait of Hormuz will remain closed until these conditions are met,” the IRGC said.

“All ships are requested, for the sake of their security and safety, not to approach the Strait of Hormuz. Any vessel that defies this directive will be targeted.”

In a separate statement, the IRGC-affiliated Tasnim news agency said until Israel halts its actions and fully withdraws from Lebanon, the Strait of Hormuz must remain closed, and all future negotiations must be canceled.

“The continuation of Israeli crimes and the occupation of Lebanese land signify the death of the agreement, and this must not be tolerated or overlooked,” the Tasnim statement reads.

Earlier, Switzerland announced that planned talks following up on the deal to end the Middle East war had been postponed.

The signing of the accord this week was intended to end the conflict in Iran, reopen the Strait of Hormuz and begin a 60-day period for talks on wider issues, including Tehran’s nuclear programme.

At the same time, the deal was to halt the fighting in Lebanon, but Israel’s military announced on Friday new strikes against Hezbollah targets in the nation’s south.

Under the new agreement, Iran would also receive a reconstruction package worth $300 billion from the US.

Meanwhile, in a Truth Social post Trump said the war diminished Iran.

He said the US did not meet Iran out of desperation, insisting that Tehran was “finished” in the ongoing standoff between both countries.

Trump added that Washington would allow the 60-day negotiation period to run its course and ruled out any financial concessions to Iran, saying the US would not provide “ten cents” in funding.

1. About N500bn was deducted from the Federation Account Allocation Committee revenue for May 2026 to fund a national security emergency intervention, multiple sources familiar with the development told The PUNCH.

The deduction was made before the monthly revenue sharing exercise among the Federal Government, states and local government councils, according to senior officials privy to the FAAC proceedings

2. The Lagos State Fire and Rescue Service has extinguished a fire outbreak that occurred on the third floor of the Polaris Bank Building on Broad Street, Lagos Island. The incident, which happened at about 11:33 a.m. on Thursday, involved a stationary saloon car parked on the third floor of the 17-storey building, which also serves as a parking facility.

3. The National Economic Council, NEC, has approved the release of N83.21 billion for flood preparedness and climate-related disaster mitigation across Nigeria, as the federal government intensified efforts to move from emergency response to preventive action in managing recurring environmental crises. The approval was granted at the 158th meeting of the Council chaired by Vice President Kashim Shettima at the State House, Abuja, on Thursday.

4. The pan-Yoruba socio-political organisation, Afenifere, yesterday, expressed concern over the worsening security situation in Oyo State and other parts of the South-West, calling for urgent and coordinated action to stem the rising wave of kidnappings and banditry in the region. In a statement by its National Publicity Secretary, Jare Ajayi, Afenifere described the development as disturbing and urged security agencies and relevant authorities to intensify efforts towards rescuing the abducted victims and dismantling criminal hideouts

5. Governors of the 36 states have renewed their call for the establishment of state police, stressing that any new policing system must be firmly rooted in the Constitution, respect citizens’ rights and align with Nigeria’s federal structure. The governors made their position known after the meeting of the Nigeria Governors’ Forum, NGF held in Abuja on Wednesday and early Thursday.

6. The Federal Government says it will ensure that no Nigerian who has indicated interest in leaving South Africa is left behind. Minister of Foreign Affairs, Amb. Bianca Odumegwu-Ojukwu, made the promise in a statement issued by Dr Magnus Eze, her Special Assistant on Communication and New Media, on Thursday, in Abuja.

7. The All Progressives Congress has condemned the African Democratic Congress, Peoples Democratic Party, Social Democratic Party, Nigeria Democratic Congress and others for endorsing the House of Representatives minority caucus’s “lead or leave” call on President Bola Tinubu over worsening insecurity in the country, describing the position as politically motivated and unfair.

8. A 30-year-old woman, Chisom Chukwukere, who allegedly brutalised a 10-year-old boy in Awada, Obosi, in Idemili North Local Government Area of Anambra State, has been arrested by the police. Her husband, Chukwudi, was also arrested over allegations that the couple used burning plastic to inflict severe burns on the child

9. The Economic and Financial Crimes Commission has commenced an investigation into a self-acclaimed prophet, Godwin Sunday Ajuluchukwucheya, popularly known as Prophet Sunday Koboko, over allegations that he defrauded members of his ministry of N70.39m. The anti-graft agency disclosed this in a statement posted on its official X handle on Thursday.

10. The Independent National Electoral Commission (INEC) yesterday distributed sensitive and non-sensitive materials to the 16 local government areas for the conduct of tomorrow’s governorship election in Ekiti State.
The exercise was monitored by security agencies, civil society organisations, political party agents and the media