Over ₦9.3 billion vanished from customer accounts in a massive Union Bank system breach, raising concerns over Nigeria’s banking security
[dropcap]F[/dropcap]raudsters have hacked Union Bank’s core banking system, siphoning a staggering ₦9.3 billion from customers’ accounts.
The breach occurred on March 23, 2025, and affected multiple accounts across 53 financial institutions.
Union Bank, led by MD/CEO Yetunde Oni, has confirmed the incident, attributing it to a system glitch exploited by the criminals.
Court documents reveal the bank has filed a suit (FHC/L/CS/629/2025) before the Federal High Court in Lagos.
The bank is seeking a preservative order to freeze accounts linked to the stolen funds and recover the money.
Oluwasegun Falola, Head of E-Fraud Investigations at Union Bank, said the fraudulent transfers occurred in “trickles” and have continued to move across various beneficiary accounts.
Counsel to Union Bank, A. Adedoyin-Adeniyi, told the court that funds are still being moved, indicating the breach is ongoing.
Justice Deinde Dipeolu granted an ex parte motion to aid the bank’s recovery efforts.
This incident comes 15 months after the Central Bank of Nigeria dissolved Union Bank’s board over governance issues and appointed a new management team.
Analysts say the breach raises serious concerns about Nigeria’s banking system security.
They warn that outdated IT infrastructure and weak internal controls may continue to expose financial institutions to massive fraud risks.
Union Bank has not officially commented on the matter as of press time.
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