A Nigerian Court Orders 54 Banks to Return N9.3 billion Illicitly Moved During a Cybercrime Incident

A court in Lagos, Nigeria, has ordered 54 banks to return N9.3 billion that was stolen during a big cybercrime attack. This happened after a bank, whose name was not shared, was hacked and lost a huge amount of money. On April 15, 2025, Justice Deinde Dipeolu made the decision after the victim bank filed an emergency request for help through a court case with suit number FHC/L/CS/629/2025.

The court ordered all the banks that got the stolen money to freeze the accounts where the money was sent. They also told the banks to return the money as soon as possible to the bank that was attacked. The stolen money was taken from many customer accounts on March 23, 2025, when hackers broke into the bank’s computer system.

The bank said the criminals moved the money in many small parts to accounts in 54 different banks. After finding out about the attack, the bank quickly told the other banks and started looking for where the money went. The thieves moved the money from the first accounts to other accounts to hide what they did.

Court Orders 54 Banks to Return N9.3 billion stolen during cybercrime

The judge said the banks must give full details about the accounts that got the stolen money. This includes how much money is still there and where the money was moved next. The banks also have to share information about the people who own these accounts. The court made it clear that only the stolen money must be returned and that this order does not affect other money that belongs to customers.

This case shows how much cybercrime is a problem for Nigerian banks. Experts say Nigerian banks face thousands of cyberattacks every week. In 2024, Nigeria was ranked the 19th most attacked country in the world and the most attacked in Africa. Many people have lost money because of these attacks.

In 2023 alone, over 80,000 bank customers were tricked by criminals, losing a lot of money. From 2019 to 2023, Nigerians lost more than N59 billion to fraud. Banks and other financial companies lost over N1.1 trillion between 2017 and 2023 because of hacking and other cyberattacks.

The government is trying to fight back. The Economic and Financial Crimes Commission (EFCC) said they are building a special center to train young Nigerians in cyber security. The National Security Adviser, Malam Nuhu Ribadu, also said the government is using new technology like artificial intelligence to protect the country’s digital systems.

This court order is an important step in stopping cybercriminals from stealing money from Nigerian banks. It shows that the courts and government are serious about protecting people’s money and fighting cybercrime. The hope is that with strong actions like this, banks and customers will be safer in the future.

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