A fraud scandal involving more than N3.09 billion stolen from customer accounts at First City Monument Bank (FCMB) has exposed significant weaknesses in the bank’s digital systems. The development comes as authorities continue efforts to recover portions of the stolen funds through legal and investigative processes.
On Tuesday, Justice Rahman Oshodi of the Special Offences Court in Lagos sentenced Oluokun Gabriel Adekola, an ex-convict, to three years in prison for laundering N12 million linked to the broader fraud operation. The court also directed Adekola to repay N3.5 million to FCMB within three months.
The case forms part of a wider investigation into a sophisticated cyber fraud scheme that targeted FCMB customers. Criminals reportedly exploited vulnerabilities in the bank’s digital banking infrastructure, gaining unauthorized access to accounts and moving large sums of money without detection.
Authorities revealed that once funds were transferred, the perpetrators quickly converted them into cash using Point of Sale (POS) agents. This tactic made it more difficult to trace and recover the stolen money, allowing the fraud to spread across multiple accounts before intervention.
The breach primarily affected accounts held within FCMB and raised concerns about the security of mobile and digital banking platforms. It also pointed to lapses in internal monitoring systems designed to detect suspicious transactions in real time.
Investigations by the Economic and Financial Crimes Commission (EFCC) showed that Adekola collaborated with other individuals who remain at large. His role involved concealing and disguising the origin of N12 million that passed through his account in 2025.
Despite the complexity and scale of the fraud, FCMB was able to trace transaction patterns and identify beneficiary accounts linked to the scheme. The bank worked closely with the EFCC to track the movement of funds, which ultimately led to Adekola’s arrest and prosecution.
During court proceedings, EFCC counsel E.S. Okongwu urged the judge to impose a strict sentence and ensure restitution as part of the punishment. The prosecution emphasized the seriousness of the offense and the need to deter similar crimes in the financial sector.
In response, defence counsel Fabian Nwaforji appealed for leniency. He cited Adekola’s expression of remorse and noted that the defendant had already spent more than four years in custody before sentencing.
The court ultimately handed down a three-year prison term, along with a restitution order that covers only a fraction of the total funds lost in the fraud. While the recovered amount is relatively small compared to the N3.09 billion stolen, authorities view the judgment as an important step toward accountability.
The case also demonstrates the increasing importance of financial forensics in tracking illicit transactions across complex digital channels. Investigators relied on transaction analysis and coordinated enforcement efforts to identify those involved and build a prosecutable case.
Industry observers say the incident highlights the growing risks associated with digital banking in Nigeria. As financial services continue to expand through mobile and online platforms, vulnerabilities in cybersecurity systems are becoming more attractive targets for organized cybercriminals.
The fraud has intensified calls for banks to strengthen their cybersecurity frameworks and improve internal controls. Experts stress the need for real-time monitoring systems, stronger authentication processes, and more rigorous oversight of third-party payment channels such as POS agents.
For customers, the incident serves as a warning about the potential risks tied to digital banking. It underscores the importance of vigilance, including monitoring account activity and safeguarding personal banking information.
As investigations continue and efforts to recover additional funds remain ongoing, the FCMB fraud case stands as a significant example of the challenges facing Nigeria’s financial sector in an increasingly digital age.
