Otedola's Firstholdco Pumps Nearly 10 Million Into Cybersecurity Defenses

Femi Otedolas FirstHoldCo invests 9.7 million to strengthen cybersecurity at First Bank amid rising financial cyberattacks in Nigeria.

First Bank deploys advanced fraud tech, assures full customer protection, and enforces strict anti-fraud policies, including internal staff surveillance.

Under Otedolas leadership, FirstHoldCo posts 660 million earnings in 2024, boosts digital transformation, and expands financial footprint across Africa.

FirstHoldCo, the parent company of Nigerias oldest bank, First Bank of Nigeria Limited, under the leadership of billionaire businessman and philanthropist Femi Otedola, has committed over N15 billion 9.7 million to beef up its cybersecurity defenses in the first half of 2025.

The bold move underscores the groups commitment to safeguarding customer assets amid rising cyberattacks targeting financial institutions across Nigeria. Olusegun Alebiosu, CEO of FirstHoldCo, revealed the extensive investment during a National Seminar on Banking and Allied Matters in Abuja. He confirmed that First Bank alone spent N3 billion 780,000 in June, reinforcing what he described as Nigerias most advanced cybersecurity framework.

Alebiosu emphasized that First Bank customers are fully protected, assuring the public that no customer would lose their money unjustly under their watch. The CEO highlighted the banks zero-tolerance policy on fraud, promising full reimbursement for any unauthorized losses.

He also addressed delays in fraud resolution, citing the complexity of investigations involving multiple stakeholders, including security agencies and other banks. Alebiosu pointed out that customer negligencesuch as sharing ATM cards or PINsoften complicates cases, underscoring the need for heightened personal vigilance.

Beyond external threats, FirstHoldCo is aggressively combating internal fraud. The bank deploys sophisticated employee monitoring software and enforces strict disciplinary measures, reportedly terminating numerous staff monthly for suspicious activities. We must run faster than cybercriminals, Alebiosu said, reaffirming the companys proactive stance against all forms of fraud.