FG launches cyber defence council after rising bank hacks

The Federal Government has announced plans to establish a Cybersecurity Coordination Council in response to a series of cyberattacks targeting banks and digital payment systems across Nigeria.

The initiative was disclosed by Communications Minister Bosun Tijani, who said the new body will bring together government agencies, financial institutions, tech companies, and security experts to coordinate responses to cyber threats.

The move comes amid growing concerns over repeated attacks on Nigeria’s financial infrastructure, which have exposed vulnerabilities in the country’s expanding digital economy.

Recent bank breaches expose vulnerabilities in financial systems

Recent incidents involving major financial institutions have heightened urgency around cybersecurity reforms.

In one case, a hacker group reportedly claimed responsibility for a breach involving Sterling Bank systems, alleging access to customer data, though the bank has not confirmed the extent of the incident.

Another attempted attack targeted First City Monument Bank (FCMB), where fraud attempts reportedly ran into billions of naira, with the bank said to have prevented most of the loss but still recording significant exposure.

Security experts say these incidents highlight the increasing sophistication of cybercriminal networks targeting Nigeria’s fast-growing fintech and banking ecosystem.

New council to improve coordination and national response to cyber threats

The planned Cybersecurity Coordination Council will not function as a regulatory body but as a central platform for information sharing, rapid response planning, and sector-wide collaboration.

Key agencies, including the National Information Technology Development Agency (National Information Technology Development Agency), the Nigerian Communications Commission (Nigerian Communications Commission), Galaxy Backbone, and the Nigeria Data Protection Commission, will support its operations.

Officials say the council will also focus on improving cyber workforce capacity, issuing early warnings on threats, and coordinating recovery efforts after attacks.

A national cybersecurity roundtable is expected to be held in April, where stakeholders from the banking, telecom, and tech sectors will help shape the final structure of the initiative.

As Nigeria’s digital economy continues to expand, authorities say the new framework is aimed at strengthening resilience and reducing the risk of large-scale financial disruption from cyberattacks.

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