cybercrime
First Bank of Nigeria Limited spends over ₦6 billion each year on cybersecurity to safeguard its operations against digital criminals, Chief Executive Officer Olusegun Alebiosu revealed on Wednesday in Abuja.
Speaking on the sidelines of the 19th Chartered Institute of Bankers of Nigeria (CIBN) Annual Banking and Finance Conference, Alebiosu explained that the bank maintains 24-hour surveillance across its network.
To support this, First Bank has established a global command center to monitor operations and neutralize millions of cyber threats each month. He added that cybersecurity funding will expand alongside the bank’s continued growth.
Addressing the role of Artificial Intelligence (AI) in modern banking, Alebiosu noted that while AI heightens cyber risks, it also delivers significant operational advantages.
“We can get data in seconds, and things that could take us years to do, we could do them in weeks with AI,” Alebiosu said.
He stressed that AI presents more opportunities than risks if properly managed, though failure to implement robust protections will worsen the threat environment.
“Fraud has always been part of the financial system anyway,” he remarked. “When money was underground, people went underground to fetch it, while those kept in boxes attracted armed robbers. Now money is in the sky, people are going to the sky with AI to harvest it. So, wherever there is money, people will go.”
Alebiosu emphasized that safeguarding customer assets remains the bank’s top priority, pointing to Nigeria’s instant payment system as a key milestone for the sector.
On the subject of bank lending to Micro, Small, and Medium Enterprises (MSMEs), the CEO challenged claims that banks are reluctant to fund small businesses, blaming weak legal frameworks for hindering credit growth.
He urged the judiciary and government to strengthen the business environment to build trust and enforce loan repayments.
“I cannot grant a loan to somebody who would defraud me and the law would not protect me to return my money,” Alebiosu said.
“The law, legal system, judiciary, and government must invest in the trust environment. I ask for collateral before I can give you a loan to secure myself.”(NAN)
