FirstBank says it spends more than N6 billion annually on cybersecurity, highlighting the growing financial cost of protecting Nigeria’s rapidly expanding digital banking infrastructure from cybercrime.
Chief Executive Officer Olusegun Alebiosu disclosed the figure on Wednesday on the sidelines of the 19th Chartered Institute of Bankers of Nigeria Annual Banking and Finance Conference in Abuja.
Alebiosu said the bank maintains round-the-clock surveillance of its technology infrastructure and takes down millions of cyber threats every month.
The institution has also established a command centre to monitor its operations globally and respond to emerging security risks.
Cybersecurity spending is expected to increase further as the bank expands.
AI Creates Opportunity — and New Risks
Alebiosu said artificial intelligence was increasing the complexity of cybersecurity threats but argued that the technology could ultimately create significantly more opportunities than risks for financial institutions if properly managed.
AI can allow banks to analyse large volumes of information in seconds and perform tasks that previously required substantially more time.
Those same capabilities, however, can also be exploited by criminals.
The challenge facing financial institutions is consequently shifting from whether to adopt AI towards how to deploy it while maintaining strong fraud detection, identity protection and cybersecurity systems.
Alebiosu said protecting customers must remain the priority as banking becomes increasingly digital.
Digital Banking Raises the Stakes
Nigeria’s banking sector has undergone a major digital transformation, with instant transfers, mobile applications and electronic payment platforms becoming central to everyday financial transactions.
That transformation has improved convenience and transaction speed but has simultaneously increased the number of potential entry points available to cybercriminals.
Banks must now defend infrastructure ranging from mobile applications and payment networks to internal databases, cloud systems and customer accounts.
The FirstBank CEO also linked financial-sector development to wider questions around trust and Nigeria’s legal environment.
On lending to Micro, Small and Medium Enterprises, Alebiosu argued that financial institutions require stronger legal protections if they are expected to expand unsecured or lightly secured lending.
He said banks often demand collateral because lenders need confidence that contractual obligations can be enforced when borrowers default or commit fraud.
