First Bank of Nigeria’s Chief Executive says the bank now spends approximately ₦6 billion every year defending against cyber threats, underscoring how seriously Nigerian banks are treating digital security as online banking and mobile transactions continue to grow.
The spending covers a mix of technology upgrades, threat monitoring, and staff training aimed at protecting customer accounts and banking infrastructure from increasingly sophisticated attacks.The disclosure comes amid a broader trend across Nigeria’s banking sector, where financial institutions have been ramping up cybersecurity budgets as digital adoption accelerates and fraud attempts become more advanced.
Analysts note that as more Nigerians shift toward mobile and online banking, the cost of maintaining trust and security is becoming one of the largest ongoing expenses for major banks — alongside more traditional costs like branch operations and regulatory compliance