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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…

  • Nigerian banks suffered significant cyberattacks in October 2025.
  • Three major banks reported ₦2.74 billion ($2.03 million) in fraud losses.
  • GTCO experienced a 450.24% increase in fraud losses year-on-year.

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