The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has called for robust cyber resilience in the nation’s financial ecosystem to tackle all manner of risks and fraudulent schemes.
He made the call in Abuja on Wednesday, July 9, 2025 at the National Cyber Security Conference organised by the National Information Technology Development Agency, NITDA. According to him, cyber resilience has become imperative to tackle vulnerability and exposure to diverse cybersecurity risks occasioned by the increasing expansion in the nation’s digital space.
“A secure digital future for Nigeria requires robust cyber resilience. Cyber resilience is not just about preventing attacks—it’s about ensuring that our systems, institutions, and society can withstand, adapt to, and rapidly recover from cyber incidents. It is a proactive disposition to anticipate breaches and have countermeasures to rapidly respond to threats and secure digital assets”, he said.
He applauded the strides being made in the country through digital innovation and transformation, pointing out that Nigeria is home to one of the fastest-growing Fintech sectors in Africa. He referenced other developments in mobile banking platforms, digital payment systems, cryptocurrency exchanges, and e-commerce activities, which he admitted, have brought financial inclusion to millions, created new businesses, and positioned Nigeria as a leader in Africa’s digital economy.
All these salutary developments, he explained, come with vulnerability and exposure to various cybersecurity risks. “As the digital space in Nigeria is expanding, so is the footprint of criminal elements who exploit its vulnerabilities. The financial ecosystem is particularly vulnerable, not only because of its centrality to the economy but also due to the high value of its data and assets”, he said. The EFCC’s boss insisted that cyber resilience was the only effective modality of building strength against such vulnerabilities.
He drew particular attention to what the EFCC has been doing to deepen Nigeria’s cyber resilience, stressing that in the last two years, the Commission has recorded notable progress in dealing with cyber threats in the economy. Some of the milestones, he mentioned, include enhanced capabilities in cyber forensic analysis and syndicate disruption culminating in significant arrests and convictions in cybercrime cases. Others are, international collaboration with bodies such as INTERPOL, the FBI, RCMP, and the UK NCA, etc., in dealing with transnational organised crime.
“ Also significant is the operationalization of the upcoming 24/7 EFCC Cybercrime Rapid Response Centre (E-C2R2), a citizen-driven complaint portal for swift reporting and resolution of cybercrime cases. We are equally working to establish a Cybercrime Research Centre, serving not only investigative needs but also as a platform for reformation and rehabilitation. Through intelligence sharing, legal cooperation, and multilateral engagements, we are helping to bring perpetrators to justice while supporting victims across borders. This is a deliberate effort to reclaim and protect our international image”, he said.
To fully optimize cyber resilience ,Olukoyede called for leadership commitment at board level within financial institutions, allocation of resources for cyber defence, integration of cybersecurity into national development policies and holding institutions accountable for lapses that endanger the financial ecosystem.
“ Cyber resilience in the financial ecosystem cannot be built in silos. It demands the following: a. Deeper synergy between regulators, enforcement agencies, financial institutions, and civil society. b. Continuous investment in cybersecurity infrastructure and human capital. c. Most importantly, a coordinated national framework that unites all stakeholders in a common vision”
In his opening remark, Director General and Chief Executive Officer, NITDA, Kashifu Inuwa Abdullahi spoke glowingly about the Conference and the overarching need for building a resilient digital future for the country. He said the Conference was a movement for building strength and synergy to achieve a more formidable cyber security for Nigeria.
Dignitaries at the Opening Session of the Conference include, National Security Adviser, Nuhu Ribadu, Senators, Members of House of Representatives and Diplomatic Community, among others.
