First Bank HoldCo Plc has disclosed that it spent over N15 billion to protect its banking systems from cyberattacks between January and June this year, as digital threats to financial institutions continue to rise across Nigeria.
The bank’s Chief Executive Officer, Mr. Olusegun Alebiosu, revealed this on Wednesday while speaking on the sidelines of a two-day National Seminar on Banking and Allied Matters for Judges, held in Abuja.
Mr. Alebiosu said the bank invested N3 billion in cybersecurity measures in June alone, part of a broader commitment to safeguarding customer assets and maintaining trust in Nigeria’s banking system.
The CEO said the bank had the most robust cybersecurity framework in the country, which justified the substantial investment.
Speaking on the rising wave of cyberattacks targeting banking systems, Mr Alebiosu assured First Bank customers that their funds remained secure.
He also expressed concern over the growing involvement of some Nigerians in cybercrime, stressing the urgent need for the country to tackle the menace decisively. Travel guides for Nigeria
He said, “No customer would lose their money in First Bank unjustly. If their money is missing from First Bank, First Bank will pay it back. Before I joined First Bank, I had an account with First Bank. One of the reasons why I had an account with First Bank was that I said to myself, if my money is missing, it is the only bank I know I will collect my money back without any excuses.”
Responding to customers’ complaints about delays in addressing cases of fraudulent transactions, Mr. Alebiosu explained that the bank must carry out thorough investigations involving multiple stakeholders.
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