CBN and NIBSS Intensify Anti-Fraud Campaign with 13,417 Suspects Listed on Central Portal
Nigeria's financial regulatory authorities have significantly escalated their battle against financial crimes, with 13,417 individuals now officially listed on a centralized Person of Interest (POI) Portal. This strategic platform represents a collaborative effort between the Nigeria Inter-Bank Settlement System (NIBSS) and the Central Bank of Nigeria (CBN), developed in partnership with security agencies and key industry stakeholders.
Portal Functionality and Law Enforcement Integration
The comprehensive portal captures detailed information including names and photographs of suspected fraudsters, creating a centralized database that has been actively utilized by law enforcement agencies since data collection commenced in 2019. Regulatory authorities emphasize that this initiative aims to eliminate systemic vulnerabilities that previously allowed fraudulent actors to operate undetected across multiple financial institutions.
Fraud Statistics Reveal Concerning Financial Losses
NIBSS Managing Director, Premier Oiwoh, has highlighted that fraud management remains a fundamental responsibility of the organization. While reported fraud incidents have shown a declining trend over the past five years, the monetary value of losses continues to alarm both regulators and financial operators.
Actual fraud losses reached approximately N17.67 billion in 2023 before experiencing a dramatic surge to N52.26 billion in 2024. Oiwoh clarified that this substantial increase was primarily driven by a single significant incident involving N31.1 billion at one financial institution. Encouragingly, losses demonstrated a significant reduction in 2025, reflecting improved controls and enhanced industry collaboration.
Geographical and Transactional Fraud Patterns
Geographical analysis reveals that Lagos maintains the highest concentration of fraud cases, consistent with its status as Nigeria's primary commercial center. The Federal Capital Territory, Abuja, has also recorded a noticeable increase in fraudulent activities, while various other states continue to report incidents.
When examining transaction channels, fraud proves most prevalent in e-commerce and internet banking platforms, followed by point-of-sale systems, mobile transactions, and web-based platforms. Social engineering techniques remain the most frequently employed method by perpetrators seeking to exploit financial systems.
Insider Threats and Industry Response
Oiwoh issued a stern warning regarding insider involvement, which currently represents the most significant threat to Nigeria's financial ecosystem. Investigations have confirmed substantial levels of insider abuse, including numerous cases involving former banking professionals.
Coordinated industry action has already demonstrated positive outcomes, with joint efforts during the previous year preventing estimated losses of N20 billion that would otherwise have been lost to fraudulent activities.
Reporting Deficiencies and Systemic Weaknesses
A critical concern identified by NIBSS involves the growing trend of non-reporting within the financial sector. Fraud reporting declined by approximately 34 percent during the last quarter of 2025, a development Oiwoh characterized as unacceptable.
Failure to report incidents enables perpetrators to transition seamlessly between financial institutions without detection. Investigations conducted last year revealed multiple instances where individuals involved in fraudulent activities simply changed employers because previous incidents remained undisclosed.
Technological Enhancements and Security Integration
To strengthen monitoring and prevention capabilities, NIBSS and the CBN have integrated centralized data systems into the POI Portal. These comprehensive systems include industry watchlists, politically exposed persons databases, and customer account repositories.
On the technological front, Oiwoh emphasized that the National Payment Stack, launched last year under CBN directive and constructed to ISO 20022 standards, incorporates robust artificial intelligence-driven security measures. Every instant payment undergoes risk scoring, with suspicious transactions flagged in real time for immediate investigation.
Cybersecurity firms and digital intelligence providers are supporting banking institutions with advanced AI tools, while regulatory and security collaboration has intensified alongside the ongoing CBN recertification exercise.
Strengthening Internal Controls and Regulatory Directives
Oiwoh urged financial institutions to enhance internal controls through comprehensive staff profiling, systematic job rotation, mandatory leave policies, lifestyle assessments, and improved intelligence sharing mechanisms. He cautioned that compromising on cybersecurity measures places the entire financial ecosystem at significant risk.
"If you cannot afford to secure a financial institution properly, you should not operate one," Oiwoh stated emphatically.
CBN Mandates Accelerated Fraud Response Protocols
Nigeria's major banking institutions, including Access Bank, Zenith Bank, and United Bank for Africa (UBA), have committed to reducing fraud response times to under 30 minutes following decisive intervention by the Central Bank of Nigeria. This initiative is expected to substantially improve fund recovery rates, minimize customer losses, and reduce systemic risk across Nigeria's financial infrastructure.
The formal announcement occurred on Wednesday, January 21, 2026, during the 2026 Nigeria Electronic Fraud Forum (NeFF) Technical Kick-Off Session in Lagos, delivered by Philip Ikeazor, Deputy Governor of the CBN responsible for Financial System Stability, who was represented at the event by Ibrahim Hassan.
