- FirstBank spends more than ₦6 billion annually on cybersecurity and operates round-the-clock surveillance to detect and counter cyber threats.
- CEO Olusegun Alebiosu says the bank’s command centre monitors its operations globally and helps it take down millions of cyber threats monthly.
- Alebiosu says artificial intelligence could deliver greater efficiency in banking, but stronger safeguards and legal protection are needed to manage emerging risks and support MSME lending.
September 10 (THEWILL) – FirstBank of Nigeria invests more than ₦6 billion annually in cybersecurity as it strengthens efforts to protect customers and its operations against increasingly sophisticated cyber threats.
The bank’s Chief Executive Officer, Olusegun Alebiosu, disclosed this on the sidelines of the 19th Chartered Institute of Bankers of Nigeria Annual Banking and Finance Conference in Abuja.
Alebiosu said FirstBank operates 24-hour surveillance of its systems, enabling it to identify and take down millions of cyber threats every month.
He said the bank would continue to increase its cybersecurity investment as its business expands, noting that it had established a command centre to monitor its operations globally and respond to emerging threats.
AI Creates Opportunities And New Risks
Alebiosu said the growing adoption of artificial intelligence in banking had increased the sophistication of cybersecurity threats, but argued that the technology could create significant efficiency gains if its risks were properly managed.
According to him, AI can accelerate data gathering and allow banks to complete tasks that previously required years in a much shorter period.
“We can get data in seconds and things that could take us years to do; we could do them in weeks with AI”, he said.
He noted that fraud had always followed the movement of money, adding that criminals were now adapting to the digital environment as financial transactions increasingly moved online.
“Money is in the sky; people are going to the sky with AI to harvest it”, he added.
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The FirstBank CEO said the priority for financial institutions should therefore be protecting customers while ensuring that technological innovation continues to improve banking services.
He also pointed to the progress made by Nigeria’s banking industry, particularly through the development of instant payment systems, which have expanded the speed and convenience of financial transactions.
However, he warned that the threat environment could become more challenging if banks failed to put adequate controls around the use of emerging technologies.
Legal Framework Remains A Hurdle To MSME Lending
Alebiosu also addressed concerns over the ability of banks to provide adequate financing to Micro, Small and Medium Enterprises (MSMEs).
He argued that discussions about banks’ lending to small businesses should also consider whether Nigeria’s legal and judicial systems provide sufficient protection for lenders.
According to him, banks need confidence that they can recover funds when borrowers default or engage in fraudulent activities.
“I cannot grant a loan to somebody who would defraud me and the law would not protect me to return my money”, he stated.
He said the legal system, judiciary and government must contribute to building a stronger trust environment for businesses and financial institutions.
Alebiosu noted that banks consequently rely on collateral and other safeguards when extending credit because they must protect depositors’ funds and manage credit risks.
His comments highlight a broader challenge facing MSME financing in Nigeria, where access to affordable credit remains constrained by concerns around repayment, business informality, weak financial records and the enforcement of contracts.
For FirstBank, the rising cybersecurity budget reflects a similar need for stronger protection as banking becomes increasingly digital.
As more transactions, customer data and financial services move online, banks are facing a dual challenge: capturing the efficiency benefits of technologies such as AI while ensuring that criminals do not exploit the same tools to target customers and financial institutions.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
