Dr Okwu Joseph Nnanna
Dr Okwu Joseph Nnanna, CBN Deputy Governor, Financial System Stability

As Nigeria continues to battle rising cases of Internet-related crimes particularly in the banking sector, the country’s apex bank, the Central Bank of Nigeria, has revealed plans to partner the Chartered Institute of Bankers of Nigeria (CIBN) towards finding a solution.

Dr. Okwu Joseph Nnanna, CBN’s Deputy Governor, Financial System Stability, disclosed this during the investiture/swearing in ceremony of CIBN’s new President, Dr. Uche Olowu.

According to him, Nigeria is currently struggling with cybercrime more than ever before. To solve the problem, therefore, there is a need for a partnership between the CBN and CIBN.

He, however, gave no specific details what the partnership entails.

This is the time banks and the economy are facing cyber insecurity. The CBN will partner CIBN to ensure that financial transactions are secured. -Nnanna

He also used the occasion to congratulate the new CIBN President, while urging the foremost bankers’ body to work towards bridging the gap between commercial, microfinance, and mortgage banks.

Meanwhile, speaking after his inauguration, the new CIBN President called on all stakeholders in the Nigerian banking sector to work together towards upholding the ethics and professionalism of the sector.

He also highlighted his administration’s mission to include the following-

  • Upholding the rules and standards of the organisation
  • Upgrading skills and competencies
  • Boosting research and advocacy
  • Investing in technology/resources and
  • Improving brand visibility

Cybercrimes; Nigerian banks and customers are at risk

Meanwhile, a notorious hacker, Michael Thompson Williams, who was recently arrested in Lagos by the Nigeria Police, has revealed how susceptible Nigerian banks are to cyber attacks. He described Nigerian banks as very easy to hack.

The 28 year old, who is a qualified Medical Doctor, has mastered the art of using Cyber Ghost 12 to create fake credit cards with which he used to manipulate genuine transactions.

For years, he successfully carried out illegal activities. Prior to his arrest, he had bought a Porsche car valued at ₦28 million and sent a fake credit alert to the dealership using HTTPtunnel.com. Unfortunately for him, he was tracked down and arrested.

Hackers like Williams abound in Nigeria. Daily, these criminals steal money from banks and bank customers alike. Therefore, there is indeed a need for the Central Bank of Nigeria to work together with CIBN towards finding a solution to the problem.


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