By Gabriel Ameh
The Nigeria Police Force and leaders of the banking industry have renewed efforts to strengthen the security of Nigeria’s financial system amid rising threats from cyber fraud, identity theft, and insider compromise.
The commitment was reinforced during a high-level meeting in Lagos hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in partnership with the Body of Banks’ CEOs. The session brought together top banking executives and the Inspector-General of Police, Kayode Adeolu Egbetokun.
In a statement by Force Public Relations Officer, Benjamin Hundeyin, the IGP stressed the connection between financial security and national security, noting that the resilience of Nigeria’s banking operations plays a key role in investor confidence and the country’s global credibility.
He explained that while armed robbery once dominated bank security concerns, today’s risks are increasingly digital and complex. These include cyber-enabled fraud, identity compromise, insider collaboration, and illicit financial flows.
To respond, the Police Force is strengthening its intelligence-led policing strategy focused on protecting financial infrastructure. The IGP referenced recent operations targeting violent criminal networks and kidnapping syndicates, as well as the recovery of illegal arms, as part of efforts to create a safer environment for economic activity.
He also cited recent engagements with the Director-General of the Securities and Exchange Commission and the Nigeria Exchange Group aimed at reinforcing market integrity and investor protection.
Under the Nigeria Police Act, 2020, the Force is expanding the recruitment and deployment of Supernumerary Police Officers, often referred to as “Spy Police,” to meet the specialized security needs of banks and other financial institutions.
IGP Egbetokun described the banking sector as a critical partner in protecting the stability, integrity, and international reputation of Nigeria’s financial system.
