FCMB Thwarts N2.4 Billion Cyber Heist, Recovers Funds

FCMB successfully blocked an attempt by cyber criminals to steal N2.4 billion, discovering fraudulent activity in December 2025. The bank was targeted in a large-scale cyber fraud operation aiming to steal N3 billion.

Despite preventive measures, N677 million was reportedly transferred by the fraudsters before the bank detected and blocked further access. Recovery efforts are currently underway to retrieve the remaining funds.

Legal proceedings are ongoing at the Lagos State Special Offences Court, where suspect Andrew Odekina, alleged to be a key member of the fraud syndicate, has been arrested and remanded. Odekina faces charges of receiving and retaining N9.87 million believed to be proceeds from fraudulent transactions and has pleaded not guilty.

The case has been adjourned to May 11 for trial. The incident highlights the need for stronger cybersecurity measures in the banking sector, emphasizing rapid response and recovery strategies to minimize risks associated with cyber fraud.