The Central Bank of Nigeria has warned banks, fintechs and other financial institutions about growing cybersecurity dangers linked to third-party technology risks, according to Tribune Online. The caution highlights concern over external digital services used by regulated firms and the need to manage vulnerabilities that could affect operations, data and customers within Nigeria's financial sector.

The Central Bank of Nigeria has called for a collective defence against cyber and technology risks in the financial sector, warning that weakness in one institution could trigger a system-wide crisis. According to ThisDay Live, the CBN said financial institutions' growing reliance on fintechs, payment service providers, cloud operators and other technology vendors has expanded the channels through which threats can spread, underscoring the need for coordinated safeguards across the industry.

The Central Bank of Nigeria (CBN) has made terrorism financing supervision a current supervisory priority as part of efforts to protect the country's financial system from abuse by illicit actors. According to a statement signed by Hakama Sidi-Alli, Acting Director of Corporate Communications and Investor Relations, the heightened oversight will focus on strengthening monitoring within the financial sector. The move underscores the regulator's commitment to combating illicit financial flows in Nigeria.

Bankers in Nigeria have expressed concerns that traditional audit and governance frameworks are becoming insufficient due to the rapid advancements in artificial intelligence, which is transforming banking operations, risk management, and fraud detection. This warning was made during the 64th Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) held in Lagos.

Experts warn that Nigeria's cybersecurity defense is increasingly compromised due to the migration of skilled professionals abroad. This brain drain is weakening the country's ability to protect its expanding digital economy from a rise in cyberattacks targeting banks, government institutions, and private businesses. Despite a growing interest among young Nigerians in cybersecurity careers, the exodus of talent poses significant challenges to national security, according to industry analysts.

FirstBank of Nigeria spends more than N6 billion each year on cybersecurity to safeguard its systems against cyber threats, according to its Chief Executive Officer, Olusegun Alebiosu. The disclosure, reported by Punch, highlights the bank's significant annual investment in protecting its digital infrastructure amid growing concerns about cybercrime targeting financial institutions in Nigeria.