Panic Grips Investors As Suspected Hackers Drain ₦3.9bn From FCMB

Following a major breach of FCMB’s digital applications, the EFCC has remanded a suspected syndicate member involved in the ₦3.09 billion cyber-enabled fraud. First City Monument Bank (FCMB), one of Nigeria’s leading Tier-2 financial institutions, has reportedly lost a staggering sum of N3.09 billion to suspected cybercriminals.

One of the alleged perpetrators, Andrew Odekina, has been arrested and arraigned by the Economic and Financial Crimes Commission (EFCC) over his involvement in the large-scale cyber fraud, which affected multiple customer accounts. On March 23, 2026, the EFCC brought Andrew Odekina before Justice Mojisola Dada at the Ikeja Special Offences Court . He is accused of retaining ₦9.87 million from a massive ₦3.09 billion cyber-attack on FCMB customer accounts.

Cyber-investigations by the Economic and Financial Crimes Commission (EFCC) revealed that hackers exploited vulnerabilities in FCMB’s banking applications to perform unauthorized transfers. Odekina is specifically accused of holding control over nearly ₦10 million traced back to this massive ₦3.09 billion breach.

Odekina faces a one-count charge for his role in the FCMB hack, specifically for holding ₦9,870,000 in stolen proceeds. According to the EFCC, this offense falls under the anti-money laundering provisions of the EFCC Establishment Act.

According to the charge sheet, the defendant and his fleeing accomplices knowingly retained illicit funds traced back to a series of unauthorized electronic transactions executed within the bank’s digital infrastructure.

Andrew Odekina entered a plea of not guilty during his appearance at the Ikeja Special Offences Court. Despite facing serious allegations, the defendant was not represented by a lawyer during the session. In response to the plea, the EFCC prosecutor, Babatunde Sonoiki, requested that the court establish a trial timeline and order the defendant’s detention until the legal proceedings are concluded.

Justice Mojisola Dada granted the prosecution’s request, officially adjourning the matter until May 11, 2026, for the commencement of the trial. The judge also directed that Odekina be remanded in a correctional facility in the interim. This ruling ensures the defendant remains in custody as the state prepares its case regarding the ₦3.09 billion digital fraud.