Access Bank Faces Rising Fraud Incidents Despite ₦193.5 Billion Tech Investment

Access Bank is facing rising fraud incidents despite ₦193.5 billion tech investment.

Despite Access Holdings Plc’s record-breaking ₦193.5 billion investment in technology to bolster cybersecurity in 2024, Access Bank continues to face major fraud-related setbacks, including a recent case of internal sabotage that led to the loss of over ₦5.7 billion.

NaijaOnPoint Nigeria reported that the Economic and Financial Crimes Commission (EFCC) has begun prosecuting a high-profile case of internal bank fraud involving Access Bank staff, exposing severe lapses in internal control systems. At a recent hearing before Justice O.O. Abike-Fadipe of the Special Offences Court in Ikeja, Lagos, EFCC’s first prosecution witness, Abdulmajeed Agboola, detailed how a former staff member, Olajide Ogunmoroti, allegedly used a personal laptop to compromise the bank’s server, creating fraudulent overdrafts on customers’ accounts.

The insider breach, which occurred at the bank’s Abakaliki branch in 2023, reportedly resulted in unauthorized fund transfers across multiple accounts, culminating in a total loss of ₦5.7 billion. According to Agboola’s testimony, the system glitch was traced back to the unauthorized access point initiated through the former employee’s private laptop, an act that directly contravenes Access Bank’s internal ICT policies.

“There was a fraudulent overdraft limit maintained on our customers’ accounts, which enabled them to make withdrawals from unfunded accounts,” Agboola testified. “The total exposure was over ₦5 billion. We also discovered that CCTV footage of the branch had been wiped.”

The case has reignited concerns about the efficacy of Access Holdings’ much-celebrated technology investments. While the banking group has claimed a 73% reduction in fraud-related losses from ₦6.15 billion in 2023 to ₦1.64 billion in 2024 the rise in the number of fraud attempts and incidents paints a more complex picture. Access Bank alone reported 11,410 successful fraud cases in 2024, nearly doubling from 6,634 the previous year.

The EFCC has charged Ogunmoroti and three accomplices Michael Igbomina, David Onyeike, and Moses Iruolaje on a 10-count charge including stealing, unauthorized access to computer systems, and money laundering. The case underscores the growing risks posed not just by external cybercriminals, but by employees with privileged access to internal banking systems.

Security analysts argue that while Access Holdings’ heavy investment in AI-driven transaction monitoring, biometric verification, and real-time analytics reflects a strong commitment to digital security, it fails to fully address the human element namely insider threats and policy enforcement.

“Technology can’t compensate for weak governance or lax compliance culture,” said a Lagos-based cybersecurity expert who requested anonymity. “If staff can bypass protocol and access servers with personal devices, then the entire system is exposed, regardless of how much you spend on digital infrastructure.”

This latest development highlights the urgent need for a more balanced approach, one that includes robust employee vetting, internal audits, strict adherence to cybersecurity protocols, and comprehensive staff training alongside digital upgrades.

The fraud trial continues on May 20, 2025, as stakeholders across the financial sector closely watch how Access Holdings responds to the reputational and operational risks posed by internal vulnerabilities.