FCMB Thwarts N2.4bn Fraud, EFCC Arrests Key Suspects

FCMB detected and successfully blocked a major cyber fraud attempt involving N3 billion, with N2.4 billion identified in suspicious transactions linked to its digital banking products in December 2025. The bank's internal security architecture prevented further breaches, although N677 million had already been transferred to accounts controlled by suspects.

The Economic and Financial Crimes Commission (EFCC) is intensifying efforts to trace and recover the diverted funds, with Andrew Odekina being arrested and arraigned before Justice Mojisola Dada in Ikeja. Odekina is accused of receiving N9.87 million believed to be proceeds from fraudulent transactions and has pleaded not guilty.

The case has been adjourned until May 11, with parallel proceedings ongoing in the Federal High Court in Lagos. The EFCC aims to ensure the conviction of individuals involved and to blacklist them from Nigeria's financial system.

Analysts note the increasing sophistication of bank fraud operations and emphasize the need for continuous upgrades in cybersecurity measures.