Five leading Nigerian banks are allocating a combined N222 billion (approximately $1.20 billion) to bolster their cybersecurity infrastructure and upgrade their technology systems as part of their capital-raising initiatives. This move aligns with the new capital requirements mandated by the Central Bank of Nigeria (CBN), which require commercial banks to meet higher capital thresholds by 2026.
The banks—Guaranty Trust Holding Company (GTCO), Access Holdings, Zenith Bank, Fidelity Bank, and FCMB Group—are using a portion of the proceeds from their capital raises to invest heavily in IT infrastructure and cybersecurity. For instance:
– **GTCO** has budgeted N98.50 billion for technology upgrades, including N15 billion for cybersecurity and fraud prevention.
– **Access Holdings** plans to invest N68.62 billion in IT, with N27.48 billion specifically for cybersecurity.
– **Zenith Bank** is allocating N19.85 billion to IT infrastructure, including N2.98 billion for cybersecurity.
– **Fidelity Bank** has earmarked N19.01 billion for IT, with N9.03 billion for cybersecurity.
– **FCMB Group** plans to spend N16.22 billion on technology, with N5.23 billion directed toward cybersecurity.
These investments come in response to increasing cyber threats, as highlighted by recent hacking attempts, including an unsuccessful attempt to compromise GTBank’s website.
The banks’ actions are part of a broader trend of financial institutions enhancing their security measures to safeguard against cyber incidents, which pose significant risks to their operations and reputations.
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