FCMB Foils N2.4bn Cyber Heist, Recovers Majority of Stolen Funds
First City Monument Bank (FCMB) has successfully thwarted a major cyber fraud attempt involving N2.4 billion, demonstrating the growing importance of robust cybersecurity systems in Nigeria’s banking sector.
The incident, which occurred in December 2025, was part of a large-scale cyberattack reportedly targeting over N3 billion.
According to available information, the bank’s internal monitoring systems quickly detected unusual transactions, prompting immediate action to prevent further losses.
Despite the swift response, about N677 million had already been transferred to accounts linked to the suspected cybercriminals before the breach was contained. However, FCMB was able to block additional unauthorized access and recover a significant portion of the stolen funds.
The bank’s rapid intervention highlights the effectiveness of its fraud detection and response mechanisms, which played a critical role in limiting financial damage and safeguarding customer assets.
Cybersecurity experts say the incident reflects a broader trend of increasing digital threats within the financial sector, as cybercriminals continue to exploit vulnerabilities in online banking systems. Financial institutions across Nigeria are being urged to strengthen their cybersecurity frameworks, invest in advanced monitoring technologies, and enhance customer awareness to mitigate risks.
FCMB has not publicly disclosed full details of the recovery process or whether arrests have been made, but the case underscores the need for continued vigilance in the face of evolving cyber threats.
