Inspector General of Police Kayode Egbetokun has declared Nigeria’s banking sector a strategic national security asset and ordered an intelligence led crackdown on cybercriminals, insider collaborators and cross border financial crime syndicates targeting banks.
Speaking at a meeting with the Chartered Institute of Bankers of Nigeria and bank chief executives in Lagos, he said the police are shifting from reactive responses to proactive disruption of organised crime against financial institutions. He stressed that the strength of banking security now directly affects public confidence, investor perception and Nigeria’s international economic credibility.
In a major policy change, Egbetokun announced that regular police officers will no longer be deployed for routine cash in transit escorts or non essential VIP protection for private sector clients. He explained that the traditional model of using conventional police units to guard banking operations is being reviewed in favour of a more sustainable and professional security framework.
He warned that physical threats like armed robbery have been overtaken by more complex risks such as cyber enabled fraud, identity theft, insider collusion, organised financial crime and illicit financial flows. He noted that delayed incident reporting makes enforcement difficult, whereas rapid escalation, evidence preservation and coordinated response can improve recovery and prosecution.
The IGP said the police are intensifying covert operations against kidnapping rings, illegal arms dealers and other criminal networks that threaten commercial stability. He added that cooperation is being strengthened with the EFCC, the Nigeria Financial Intelligence Unit and the Central Bank to close gaps between enforcement, compliance and oversight.
Egbetokun called for structured liaison mechanisms, clear operational protocols for high risk areas, joint capacity building and lawful information sharing between law enforcement and banks. He said a secure banking environment underpins savings, credit, financial inclusion and investor confidence and makes Nigeria more competitive and attractive for investment.
Chairman of the Body of Bank CEOs Oliver Alawuba thanked the police chief and reminded him that the Bankers’ Committee had funded the renovation of over 42 police stations destroyed during the EndSARS protests. He said banks now expect the same urgency in protecting their infrastructure from digital attacks.
CIBN President Professor Pius Olarenwaju warned that cyberattacks are now moving faster than traditional law enforcement can respond. He said the rapid expansion of digital banking has widened the attack surface, allowing fraudsters using laptops and operating from foreign jurisdictions to exploit system vulnerabilities within milliseconds.
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