Bank CEOs Deepen Partnership with Police to Strengthen Financial System Security

The Body of Banks’ Chief Executive Officers in Nigeria has reaffirmed its commitment towards strengthening collaboration with the Nigeria Police Force (NPF) towards enhancing the security and resilience of Nigeria’s financial system.

Speaking during a stakeholders’ engagement with the Inspector General of Police, Olukayode Egbetokun, the Chairman of the Body of Banks’ CEOs, Oliver Alawuba, commended the IGP for his steadfast support to the banking industry and his commitment to modernising the nation’s policing architecture.

Alawuba who is also the Group Managing Director/CEO, United Bank for Africa (UBA) Plc, noted that the banking sector operates at the heart of Nigeria’s economic stability and requires a secure and enabling environment to effectively mobilise financial resources, support businesses, and drive inclusive growth.

He applauded the operational milestones recorded under the IGP’s leadership, including strengthened intelligence-led policing, the establishment of the Special Intervention Squad, and enhanced personnel welfare initiatives.

He further emphasised that as financial services become increasingly digitised and interconnected, security collaboration between law enforcement and financial institutions must evolve accordingly.

“The integrity, continuity, and resilience of Nigeria’s financial system are directly linked to public confidence and investor perception. Sustained partnership with the Nigeria Police Force remains critical to safeguarding this vital national asset,” he said.

Alawuba further reassured the police of the readiness of the banks to support the new security architecture for banks, equipping cyber security frameworks established by police and the modernisation of police stations across the country.

Earlier in his speech, the President/Chairman of Council, CIBN, Pius Deji Olanrewaju, described the engagement as both timely and strategic, noting that national security and economic resilience are increasingly interconnected.

“The banking sector plays a pivotal role in Nigeria’s economic development, and our critical functions can only flourish in a secure and stable environment,” he said. “As financial services evolve rapidly through digital transformation; the security landscape is also becoming more complex.

Addressing emerging risks, particularly cyber-enabled fraud and financial crimes, requires sustained cooperation between law enforcement and the financial sector,” Olanrewaju stated.

He reaffirmed the Institute’s commitment to professionalism, ethical standards, and constructive engagement with the Nigeria Police Force, adding that deeper institutional collaboration would further strengthen the foundations of national stability and financial system integrity.

The IGP, Egbetokun, who took time to underscore the strategic importance of the banking industry to national security and economic governance, just as he highlighted the evolving threat landscape facing the sector, including cyber-enabled fraud, organised financial crime, and illicit financial flows. He noted that these risks extend beyond institutional losses to issues of investor confidence and Nigeria’s standing within the global compliance environment

“The Nigerian banking industry is not merely a driver of economic activity; it is a core component of our national stability architecture,” Egbetokun stated, adding that; financial security and national security have become deeply interconnected. “The protection of our financial infrastructure must therefore be approached as a shared national priority requiring structured partnership between law enforcement, regulators, and financial institutions.”

He emphasised the Nigeria Police Force’s ongoing shift toward intelligence-led financial infrastructure protection and strengthened coordination with key enforcement and regulatory stakeholders.