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First Bank of Nigeria has disclosed that it invests more than N6bn annually in cybersecurity as part of efforts to protect its systems and customers from growing cyber threats.
The bank’s Chief Executive Officer, Olusegun Alebiosu, disclosed this on Wednesday in Abuja on the sidelines of the 19th Chartered Institute of Bankers of Nigeria Annual Banking and Finance Conference.
Alebiosu said FirstBank maintains round-the-clock surveillance of its systems, allowing the institution to identify and neutralise millions of cyber threats every month.
He added that the bank would continue to increase its cybersecurity investment as its operations and customer base expand.
“The bank has already established a command centre to monitor its franchise across the globe and counter emerging threats,” he said.
FirstBank strengthens cyber threat monitoring
The bank’s continuous investment reflects the growing cybersecurity risks facing financial institutions as banking services become increasingly digital.
Alebiosu said the bank’s 24-hour monitoring capability enables it to respond to threats as they emerge and strengthen the resilience of its technology infrastructure.
He noted that cybersecurity would remain an important priority as the banking sector expands its reliance on digital platforms and technology-driven services.
AI creates both opportunities and risks for banks
On the growing use of Artificial Intelligence in banking, Alebiosu said the technology could amplify cybersecurity risks but also provide significant opportunities to improve efficiency across the industry.
According to him, AI could ultimately create more opportunities than threats for financial institutions if the associated risks are properly managed.
He said the technology could improve banking efficiency while allowing institutions to gather and analyse large amounts of data within significantly shorter periods.
“We can get data in seconds and things that could take us years to do; we could do them in weeks with AI. Fraud has always been part of the financial system anyway. When money was underground, people went underground to fetch it, while those kept in boxes attracted armed robbers.”
“Now money is in the sky; people are going to the sky with AI to harvest it. So, wherever there is money, people will go,” he said.
Alebiosu warned that the threat environment could become more challenging if financial institutions failed to introduce adequate controls to manage the risks associated with AI and other emerging technologies.
He stressed that protecting customers should remain the central consideration as banks adopt new technologies.
According to him, Nigeria’s banking sector has made significant progress in improving financial services, particularly through the development of instant payment systems.
FirstBank CEO links MSME financing to legal certainty
Alebiosu also addressed concerns over the level of bank lending to Micro, Small and Medium Enterprises (MSMEs), arguing that the broader legal and institutional environment must be considered when assessing access to finance.
He expressed concern that Nigeria’s laws did not sufficiently support enterprise development and said discussions around MSME financing should also examine whether the legal system provides banks with adequate protection and confidence to lend.
According to him, banks need assurance that the legal and judicial systems can protect their interests when borrowers default or commit fraud.
“I cannot grant a loan to somebody who would defraud me and the law would not protect me to return my money. The law, legal system, judiciary and government must invest in the trust environment. I ask for collateral before I can give you a loan to secure myself,” Alebiosu said.
His comments place legal certainty, enforceability and trust at the centre of discussions around expanding credit to Nigerian businesses, particularly MSMEs.
The position also highlights the connection between financial sector regulation, cybersecurity, technological innovation and the wider business environment, as banks balance the need to expand access to finance with the risks associated with lending and increasingly digital operations.
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