By Abdullahi Inuwa
In a bold move to secure its digital fortress, First Bank of Nigeria Limited has invested a staggering ₦15 billion in cybersecurity infrastructure—one of the largest ever by a Nigerian financial institution.
The bank, a pioneer in Nigeria’s financial landscape, says the massive spending is aimed at guarding its systems against the growing wave of cyberattacks that threaten financial institutions across Africa and beyond.
“This is not just an upgrade—it’s a digital shield,” said Adesola Adeduntan, CEO of First Bank. “We are dealing with increasingly sophisticated cybercriminals. Our customers’ funds, data, and digital confidence must remain unshakable.”
The ₦15 billion investment includes the deployment of next-generation firewalls, AI-powered threat detection, 24/7 surveillance centers, and advanced employee cyber-training programs. The bank has also partnered with global cybersecurity firms to ensure its systems meet international resilience standards.
This announcement comes just weeks after reports of coordinated phishing attacks on several West African banks, leading to millions in attempted breaches. First Bank’s proactive stance, experts say, may set a new benchmark for the Nigerian banking sector.
“In today’s world, cyber defense is national defense,” said Dr. Yemi Okonjo, a Lagos-based tech analyst. “First Bank is making it clear they’re not waiting to be a victim.”
The Central Bank of Nigeria (CBN) has welcomed the move, calling on other financial institutions to follow suit and strengthen digital trust in the nation’s booming cashless economy.
First Bank’s customers have already started noticing tighter authentication protocols and improved mobile banking security—an indication that the money is already working behind the scenes.
Source: Sahara Reporters
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