IGP Declares Banking Sector National Asset, Orders Crackdown On Cybercrime

The Inspector-General of Police (IGP), Kayode Egbetokun, has declared Nigeria’s banking industry a strategic national asset, ordering an immediate intelligence-led crackdown on cybercriminal networks, insider facilitators and transnational financial crime syndicates threatening the stability of the financial system.

Naija News reports that Egbetokun spoke during a strategic meeting with the Chartered Institute of Bankers of Nigeria and the Body of Bank Chief Executive Officers in Lagos, where he said the police were shifting from reactive responses to proactive disruption of organised criminal enterprises targeting financial institutions.

“The Nigerian banking industry is not merely a driver of economic activity; it is a core component of our national stability architecture. The integrity, continuity and resilience of the financial system are directly linked to public confidence, investor perception and the credibility of Nigeria’s economic governance,” he said.

In a major policy shift, the IGP announced that regular police officers would no longer be deployed for routine cash-in-transit escorts or non-essential VIP protective duties within the private sector.

He said the move aligns with national policy direction and manpower optimisation within the force, adding that the traditional model of police deployment for banking sector protection was being reviewed.

“This policy adjustment is not designed to diminish the security framework supporting the banking industry. Rather, it reflects a deliberate transition towards a more sustainable, professional and institutionally governed model of security support,” he stated.

Cyber Threats Replacing Armed Robbery

Egbetokun warned that conventional risks such as armed robbery and cash-in-transit attacks had been overtaken by more complex, technology-driven threats.

“These threats are adaptive, technologically sophisticated and often coordinated across borders. They include cyber-enabled fraud, identity compromise, insider facilitation, organised financial crime and illicit financial flows,” he told the bankers.

He added that disruptions to banking operations now carry international reputational consequences, citing global compliance benchmarks set by the Financial Action Task Force and Anti-Money Laundering/Combating the Financing of Terrorism obligations.

“In an era shaped by FATF standards, AML/CFT obligations and heightened scrutiny of financial flows, the strength of a nation’s enforcement and security architecture is now directly relevant to investor confidence and market stability,” he said.

The police chief stressed the urgency of integrating enforcement and intelligence response to tackle modern financial crime.

“The speed and sophistication of cyber-enabled fraud illustrate the urgency of integration. Delayed reporting windows can render enforcement ineffective, while rapid escalation, evidence preservation and coordinated response can significantly improve disruption, recovery and prosecution outcomes.

“Modern financial crime operates at a pace that requires equally modern security coordination,” he said.

Collaboration With Financial Regulators

Egbetokun disclosed that the force had intensified covert operations targeting kidnapping syndicates, illegal arms networks and organised criminal enterprises threatening commercial stability.

He added that coordination was being strengthened with the Economic and Financial Crimes Commission, Nigeria Financial Intelligence Unit and the Central Bank of Nigeria to prevent criminal groups from exploiting gaps between enforcement, compliance and oversight.

“Sustainable security cannot be achieved through episodic contact or fragmented interventions,” he said, calling for structured cooperation between law enforcement and financial institutions.

“Security is not merely the absence of crime; it is the presence of stability that enables productivity, investment and growth. A secure banking environment supports savings mobilisation, credit expansion, financial inclusion and the confidence of both domestic and international investors.”

He added that the meeting should produce “structured liaison mechanisms between law enforcement and the banking sector, clear operational protocols for high-risk areas, joint capacity building and lawful information-sharing.”

“The Nigeria Police Force stands ready to work with the banking sector not merely as an enforcement institution, but as a strategic partner in safeguarding the integrity, stability and international credibility of Nigeria’s financial architecture,” Egbetokun said.

Bankers Seek Stronger Response

Earlier, Chairman of the Body of Bank Chief Executive Officers, Oliver Alawuba, commended the police for efforts to tackle insecurity, while recalling the industry’s past support.

“The Bankers’ Committee was responsible for the renovation of over 42 police stations that were destroyed during the EndSARS protests. We stepped in when police infrastructure was in ruins. Today, we expect that same urgency when our own infrastructure is under digital siege,” he said.

President of the CIBN, Pius Olarenwaju, warned that the sector was under growing digital threat.

“The banking sector plays a pivotal role in Nigeria’s economic development, and our critical functions can only flourish in a secure and stable environment. But we are fighting a war where the enemy no longer carries guns they carry laptops and exploit system vulnerabilities in milliseconds,” he said.

Olarenwaju added that rapid digital transformation had created new security risks.

“As we deepen financial inclusion and expand digital channels, we also expand the attack surface for cybercriminals. The same technology that empowers the unbanked also empowers fraudsters operating from jurisdictions where Nigerian law enforcement has no reach. This is the new reality, and we need the police to evolve with it,” he stated.

Naija News reports that managing directors and chief executives of several banks attended the meeting, including representatives of Union Bank, Signature Bank, Parallex Bank, Standard Chartered Bank, Keystone Bank, Coronation Merchant Bank, Guaranty Trust Bank and United Bank for Africa, among others.