Cybercrime still hits Nigeria's digital economy hard

Financial institutions in Nigeria lost N52.26 billion to cyber fraud in 2024, up from N17.67 billion in 2023, a 196% increase over five years, according to the NIBSS. In 2025, losses dropped to N25.85 billion and fraud cases fell from 70,111 to 67,518. Four leading banks prevented approximately N14.5 billion in attempted fraud through investments in cybersecurity and AI. Telecom operators and SMEs are also increasingly targeted.