Cyberattacks turned October into a costly month for Nigerian banks
In early October, a wave of cyberattacks, leading to fraud losses, hit several Nigerian banks and financial institutions, potentially costing billions of naira in customer funds, according to several sources with direct knowledge of the matter.
In October 2025, Nigerian banks faced a barrage of cyberattacks that resulted in significant financial losses, according to sources with direct knowledge of the incidents. The attacks impacted banks that depend on external technology providers for core banking services, causing massive fraud losses. One notable incident involved a vendor providing core banking services to financial institutions, which was allegedly compromised at the system level on October 1.
While the exact number of attacks, the amount of money lost, and whether the incidents were linked remains unclear, three of the country's largest banks - Access Holdings Plc, Guaranty Trust Holding Company Plc (GTCO), and Zenith Bank - reported ₦2.74 billion ($2.03 million) in fraud losses during the first six months of 2026. GTCO experienced the steepest year-on-year increase, with fraud losses rising by 450.24%.
Financial institutions in Nigeria reported 19,719 fraud cases in Q4 2025, a 34.2% increase from the previous quarter, reflecting the escalating security risks in the country's financial services industry.
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