A senior security official has warned that cybercrime could develop into one of Nigeria’s most serious security challenges over the next decade unless authorities and institutions take decisive preventive action.
Assistant Inspector-General of Police Dr Uche Henry gave the warning at the 2026 Adhere Compliance Frontline Forum organised by Smartcomply in Lagos.
The conference, themed “The Trust Frontier,” focused on financial compliance, artificial intelligence-driven fraud and the growing need for real-time cybersecurity systems.
Henry said cyber-enabled offences were becoming more sophisticated and could eventually surpass several traditional forms of crime in their impact.
He described financial crime as more than a challenge for banks, arguing that it had become a national security, economic and social stability concern.
According to him, proceeds from fraud could support terrorism, kidnapping, drug trafficking, human trafficking and other organised criminal activities.
Henry said this connection made cybercrime a wider threat to Nigeria’s stability and development.
He also emphasised the importance of trust in the financial sector, describing public confidence as a vital foundation for the effective operation of financial institutions.
The security expert said the consequences of financial crime extended beyond the amount of money stolen.
He explained that repeated fraud incidents could weaken public confidence in banks, law-enforcement institutions and the broader Nigerian economy.
Henry noted that financial criminals had moved away from conventional bank robberies and were increasingly relying on digital tools.
He identified smartphones, laptops, artificial intelligence, ransomware, deepfake technology, SIM-swap fraud, social engineering and insider collaboration as some of the tools being used.
The AIG said banks and security agencies must respond by adopting artificial intelligence-powered systems capable of detecting and preventing suspicious transactions.
He identified insider threats within financial institutions and telecommunications companies as another major area of concern.
According to him, some employees allegedly assist cybercriminals by compromising banking and telecommunications systems or providing access to sensitive information.
Henry called for stronger cooperation among banks, telecommunications operators, regulators and law-enforcement agencies.
He said effective information sharing would make it easier to detect emerging threats, trace suspicious transactions and prevent criminals from moving stolen funds.
The security expert also criticised bureaucratic delays affecting financial crime investigations.
He said law-enforcement agencies often had to complete lengthy court procedures before suspicious bank accounts could be frozen.
Such delays, he argued, could give fraudsters enough time to transfer or conceal stolen money before authorities intervene.
Henry recommended faster legal and regulatory procedures to improve the speed and effectiveness of investigations.
He also called for wider use of AI-based fraud detection and cybersecurity solutions across Nigeria’s financial system.
Other recommendations included greater transparency, stronger accountability and increased public education on social engineering and other fraud methods.
Henry said public confidence could be restored through credible investigations, successful prosecutions and efficient resolution of financial disputes.
He maintained that combating financial crime required the collective involvement of government agencies, businesses, financial institutions, law enforcement and members of the public.
Smartcomply Chief Executive Officer Gbemisola Osunrinde also warned that institutions were facing increasingly sophisticated cyber threats alongside stricter regulations and greater international scrutiny.
Osunrinde, who organised the forum, said financial institutions could no longer treat compliance merely as a routine regulatory obligation.
She argued that effective compliance should be regarded as a foundation for operational resilience, customer confidence and long-term institutional stability.
According to her, artificial intelligence and deepfake tools were enabling cybercriminals to conduct more complex attacks on a wider scale.
Osunrinde cited industry figures indicating that although the number of successful attacks had fallen, losses from 30 major incidents exceeded ₦100 billion.
She also said the use of deepfakes to defeat identity-verification processes had increased significantly across Africa.
The Smartcomply chief executive referred to the Central Bank of Nigeria’s new Baseline Standards, which require financial institutions to implement 17 regulatory measures within 14 months.
She urged organisations to introduce integrated compliance and anti-money laundering systems capable of identifying and responding to suspicious activity in real time.
Osunrinde also said Nigeria’s removal from the Financial Action Task Force grey list had increased the responsibility of financial institutions to maintain international compliance standards.
She warned that failure to sustain those standards could affect investor confidence and Nigeria’s reputation within the global financial system.
The Smartcomply CEO called on banks, regulators and other financial-sector organisations to share information about emerging cyber threats.
She said isolated operations created gaps that criminals could exploit across several institutions.
The forum examined the implementation of the CBN compliance framework, responses to AI-enabled cybercrime and the development of real-time financial monitoring systems.
The event also featured the unveiling of a joint financial compliance report produced in partnership with TechCabal Insights.
