System Breach At Ecobank: Staff Impersonates Customer, Steals ₦2.4 Million

Ecobank Staff has allegedly impersonated customer and stole ₦2.4 million.

In a development that casts fresh doubts on the internal controls and cybersecurity standards at Ecobank Nigeria, a staff member has pleaded guilty to charges of cybercrime after brazenly stealing ₦2.4 million from a customer’s account.

NaijaOnPoint Nigeria reports that Solomon Stephen Ufayo, who served as a Relief Teller at the bank, was arraigned before the Federal High Court in Lagos by the Economic and Financial Crimes Commission (EFCC) for fraudulently accessing a customer’s account and diverting funds for personal gain.

According to the EFCC’s charge, Ufayo impersonated the account holder, Ogunfodunrin Omowunmi Ajoke by fabricating deposit and withdrawal records on her Ecobank account (number 2801086259), ultimately transferring ₦2,404,000 to his personal Opay account between March 10 and March 28, 2025.

The charge read:

“That you, Solomon Stephen Ufayo… fraudulently represented yourself as Ogunfodunrin Omowunmi Ajoke… with intent to gain advantage for yourself, and thereby committed an offence contrary to Section 22(2)(b)(i) of the Cybercrime Act, 2015.”

Ufayo pleaded guilty, and the court admitted key evidence, including his confession and a ₦2.4 million bank draft issued as restitution. He was remanded to the Ikoyi Correctional Centre pending judgment scheduled for June 6, 2025.

A Symptom of Deeper Security Failures?

The case raises serious concerns about the integrity of Ecobank’s operational systems, particularly in employee oversight and data protection. That a staff member could impersonate a customer and manipulate transaction records from within the bank’s infrastructure suggests a troubling lack of internal safeguards.

Financial industry observers are alarmed by the ease with which Ufayo bypassed controls; an indication they argue, of systemic weaknesses in Ecobank’s internal security protocols. The incident also underscores the growing insider threat plaguing Nigeria’s banking sector, where rogue employees exploit privileged access to customer data and funds.

“This case is more than employee misconduct, it exposes institutional vulnerabilities,” said a financial crimes analyst who requested anonymity. “If a relief teller can alter account records and reroute funds without detection until after the fact, what else might be slipping through the cracks?”

Eroding Public Trust

Ecobank has not released a public statement addressing the breach, a silence that is only fueling criticism about the bank’s transparency and responsiveness in dealing with internal fraud. With public trust in digital banking under constant pressure from rising fraud cases, incidents like this further erode customer confidence in banks’ ability to secure their funds, even from their own employees.

As the financial industry doubles down on digital transformation and cybersecurity investments, cases like Ufayo’s highlight a stark reality: technology alone cannot compensate for a lack of institutional discipline and rigorous internal enforcement.

With judgment set for June 6, stakeholders across the industry are calling on Ecobank and other financial institutions to urgently strengthen employee monitoring, tighten access controls, and re-evaluate the effectiveness of their fraud prevention protocols.