FCMB Thwarts ₦3bn Fraud Attempt, Recovers ₦2.4bn Amid Ongoing Prosecutions

In December 2025, First City Monument Bank detected a digital fraud attempt targeting over ₦3 billion. The bank’s security team blocked and recovered ₦2.4 billion, while ₦677 million reached the perpetrators. FCMB worked closely with other financial institutions and law enforcement agencies. Several suspects have been arrested, and trials are proceeding at the Lagos State Special Offences Court and the Federal High Court in Lagos. Restitution orders are in place and recovery efforts continue as authorities seek to trace additional funds. The culprits face permanent blacklisting from the financial system. Analysts say the case highlights a shift toward stronger incident response and recovery. Enhanced monitoring, tighter transaction controls, and deeper collaboration with regulators are now central to protecting customers as digital banking expands.

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