- He said the Nigeria Police Force is shifting from a largely reactive posture to a proactive strategy focused on dismantling organised criminal networks
- According to him, the banking industry is central not only to economic growth but also to national security and investor confidence
- Egbetokun noted that while traditional threats such as armed robbery still exist, the greater danger now comes from technologically advanced crimes
The Inspector-General of Police, Kayode Egbetokun, has described Nigeria’s banking sector as a vital pillar of national stability and directed an immediate, intelligence-driven offensive against cybercrime rings, insider collaborators, and cross-border financial syndicates undermining the country’s financial system.
Eko Hot Blog gathered that Egbetokun made this known during a strategic engagement with the Chartered Institute of Bankers of Nigeria (CIBN) and the Body of Bank Chief Executive Officers in Lagos.
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He said the Nigeria Police Force is shifting from a largely reactive posture to a proactive strategy focused on dismantling organised criminal networks targeting financial institutions.
According to him, the banking industry is central not only to economic growth but also to national security and investor confidence.
He stressed that the strength and credibility of Nigeria’s financial system are closely tied to global perception and internal stability.
In what he described as a policy realignment, the IGP announced that regular police personnel would no longer be routinely assigned to cash-in-transit escorts or non-essential VIP protection for private entities.
He explained that the move is part of broader reforms aimed at optimising manpower and transitioning to a more structured and sustainable security framework for the sector.
Egbetokun noted that while traditional threats such as armed robbery still exist, the greater danger now comes from technologically advanced crimes including cyber fraud, identity theft, insider compromise, organised financial crime, and illicit cross-border transactions.
He pointed out that in an era shaped by Financial Action Task Force (FATF) standards and Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements, enforcement capacity has become a key factor in maintaining investor trust and financial stability.
The police chief emphasised the need for swift reporting and coordinated responses to cyber incidents, warning that delays can severely weaken investigation and recovery efforts.
He disclosed that the Force has intensified covert operations against kidnapping gangs, illegal arms dealers, and organised crime groups threatening commercial activities.
He added that collaboration with agencies such as the Economic and Financial Crimes Commission (EFCC), the Nigeria Financial Intelligence Unit (NFIU), and the Central Bank of Nigeria (CBN) is being strengthened to prevent criminals from exploiting gaps in regulation and enforcement.
Egbetokun called for deeper institutional cooperation between law enforcement and the banking industry, including formal liaison structures, clear operational protocols, joint training initiatives, and lawful information-sharing mechanisms.
Chairman of the Body of Bank Chief Executive Officers, Oliver Alawuba, commended the Police for ongoing security reforms and recalled how the Bankers’ Committee funded the rehabilitation of over 42 police stations damaged during the EndSARS protests.
He urged the same level of urgency in addressing digital threats to banking infrastructure.
Also speaking, CIBN President, Professor Pius Olarenwaju, warned that the industry is facing increasingly sophisticated cyberattacks that often outpace traditional law enforcement responses.
He said rapid digital expansion has broadened access to financial services but has also increased exposure to cyber risks, particularly from actors operating outside Nigeria’s jurisdiction.
The meeting was attended by chief executives and managing directors from major financial institutions, including Union Bank, Signature Bank, Parallex Bank, Standard Chartered Bank, Keystone Bank, Coronation Merchant Bank, Guaranty Trust Bank, and United Bank for Africa, among others.
The engagement signals a renewed push to fortify Nigeria’s financial system against evolving security threats in an increasingly digital economy.
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