Cybercrime Costs Nigeria $500 Million Yearly, Expert Calls For Stronger Digital Defences
By TOSI ORE
NIGERIA is experiencing an alarming surge in cyberattacks. A cybersecurity expert says the country now records more than 4,700 attacks every week.
Anthony Fakiyesi disclosed this while reviewing cybersecurity trends in 2026. He warned that the growing wave of digital attacks poses a serious threat to Nigeria’s economy, financial institutions and public trust.
According to him, relying only on data localisation policies will not adequately protect the country’s digital infrastructure.
He acknowledged that initiatives such as the Central Bank of Nigeria’s data localisation directive demonstrate efforts to strengthen control over sensitive information. However, he said stronger identity management, access controls and third-party risk management must accompany such policies.
Fakiyesi stressed that keeping data within national borders does not automatically make it secure. He said weak authentication systems and poor access management still leave organisations exposed to cybercriminals.
He noted that cyberattacks have evolved beyond exploiting software vulnerabilities. Criminals now increasingly target legitimate user credentials and trusted digital platforms to gain access to sensitive systems.
According to him, attackers frequently exploit compromised identities, trusted vendors and software providers to infiltrate organisations without immediately attracting attention.
He said the country’s financial institutions, fintech companies, telecommunications providers and government agencies have become prime targets because they store valuable financial and personal information.
Fakiyesi revealed that Nigeria recorded more than 281,000 leaked user accounts during the first quarter of 2026. He described the figure as evidence of the growing sophistication of cybercriminals.
He explained that organisations no longer face risks only from their own internal systems. Instead, they increasingly inherit vulnerabilities through external service providers, software platforms and business partners connected to their operations.
The cybersecurity professional also expressed concern about poor reporting of cyber incidents in Nigeria. He said inadequate disclosure prevents organisations from learning from previous attacks and identifying recurring weaknesses across sectors.
According to him, cybercrime currently costs Nigeria an estimated 500 million dollars every year. He warned that the financial impact could rise significantly as more government services, banking operations and commercial activities migrate online.
Fakiyesi urged organisations to strengthen identity protection, closely monitor third-party access, improve incident reporting and invest in stronger cyber resilience.
He maintained that cybersecurity has become a strategic national issue rather than merely a technical concern.
He added that Nigeria’s ambition to build a thriving digital economy must be matched by stronger governance, better protection of digital identities and sustained investment in resilient cyber infrastructure.
