BANKING FRAUD ON THE RISE IN NIGERIA: UNDERSTANDING YOUR RIGHTS

By Olayiwola Ibrahim / Lagos // As banking fraud continues to escalate in Nigeria, it’s essential to know your rights and the legal framework that protects you.
According to Taiwo Shakirah Ishola-Afolabi Esq. of Evergreen Legal Solutions, financial institutions and telecom operators have affirmative legal duties to prevent and respond to electronic fraud.
THE LEGAL LANDSCAPE…
The Cybercrimes Act, Nigeria Data Protection Act, and Central Bank of Nigeria (CBN) regulations impose specific obligations on banks, fintechs, and telecoms to implement counter fraud measures, ensure data security, and respond to breaches.
These laws and regulations provide a framework for enforcing your rights and recovering lost funds.
KEY PROVISIONS…
– Banks must reverse unauthorized debits within 72 hours of written complaint, unless they produce clear legal authorization.
– Telecom operators must retain traffic and subscriber data for two years and assist law enforcement when requested.
– Financial institutions must implement effective counter-fraud controls and notify the Nigeria Data Protection Commission (NDPC) within 72 hours of a notifiable personal data breach.
PRACTICAL ENFORCEMENT PATHWAYS…
Speaking on moves to enforce solutions, Evergreen Legal Solutions describes various pathways to enforce victims’ rights, including:
– Immediate bank notification and retrieval window
– Telecoms angle SIM swap/USSD compromise
– Regulatory escalations CBN, NDPC, law enforcement
– Litigation and structured settlements
WHAT COUNTS AS A BREACH OF DUTY…
Taiwo Shakirah Esq. harps more on examples of breaches which include:
– Failure to reverse unauthorized debits within 72 hours
– Weak authentication and incident response
– Data-security failures and telecom lapses enabling SIM-swap fraud
She emphasized that if this count can be held accountable, it will drastically reduces crimes perpetrated within in and out of the banking sector.
ACTION CHECKLIST…
Esq. Shakirah of Evergreen Legal Solutions states that if you’re a victim of banking fraud, it’s essential to:
– Freeze and document transactions.
– Write a formal complaint to your bank.
– Alert your telecom provider if SIM/USSD is involved.
– Escalate to CBN (CPD) if your bank fails to resolve within required timelines.
– Preserve digital evidence for Section 84 compliance.
In her conclusions, Esq. Taiwo Shakirah enjoined that banks and telecoms in Nigeria must prevent, detect, and respond to e-fraud.
When they don’t, the law provides enforceable rights and deadlines.
Evergreen Legal Solutions uses these levers to protect your money and data, and hold institutions accountable.