Nigeria Cybersecurity Crisis Deepens as Ransomware Attacks Hit CAC, Banks, Financial Systems

Nigeria Cybersecurity Crisis Deepens as Ransomware Attacks Hit CAC, Banks, Financial Systems

Nigeria is grappling with a major escalation in cybersecurity attacks in Nigeria following a coordinated wave of ransomware incidents that have targeted government agencies, financial institutions, and critical digital infrastructure across the country.

Key regulatory and technology agencies, including the National Information Technology Development Agency (NITDA), the Corporate Affairs Commission (CAC), and the Nigeria Data Protection Commission, have confirmed breaches affecting sensitive systems, leading to service disruptions, emergency shutdowns, and ongoing forensic investigations.

The crisis is most visible at the Corporate Affairs Commission, where authorities temporarily shut down its company registration portal following what is described as a large-scale breach of its digital infrastructure. The move was taken to contain the incident and prevent further compromise of records.

Cybersecurity analysts report that a threat group identified as ByteToBreach is behind the attack, allegedly gaining access to millions of corporate records. Initial assessments suggest that about 25 million documents (over 750GB of data) may have been exposed.

While some of the files reportedly contain routine corporate filings, a significant portion is believed to include sensitive information such as company ownership structures, directors’ details, and identity-linked records. Experts warn that this level of exposure increases the risk of identity theft in Nigeria, corporate fraud, and targeted financial scams.

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The impact of the attacks is not limited to government institutions. Reports indicate that Nigeria’s financial sector has also been affected, with incidents linked to Sterling Bank and the government-backed payment platform Remita. Security researchers say attackers are increasingly exploiting weaknesses in cloud systems and misconfigured databases to access sensitive financial information.

Industry data suggests that Nigerian organisations now face thousands of cyberattack attempts weekly, highlighting the growing scale and sophistication of cybercrime in Nigeria’s financial sector.

Beyond immediate financial risks, experts warn that Nigeria’s electoral infrastructure could also become a target. Systems managed by the Independent National Electoral Commission (INEC) are considered vulnerable ahead of future elections, including the 2027 general polls.

Cybersecurity specialists caution that such systems could face ransomware attacks, voter data manipulation, or disruption of electronic result transmission, all of which could undermine public trust in electoral processes.

Analysts describe the situation as a serious test of Nigeria’s digital security and data protection framework, warning that leaked databases could be used to map economic structures and expose sensitive national information.

They also point to deeper systemic challenges, including outdated infrastructure, weak enforcement of cybersecurity standards, and insufficient skilled personnel in the sector. These gaps, they say, have left critical systems exposed to increasingly sophisticated cyber threats.

In response, the NDPC has issued a nationwide advisory urging organisations to strengthen their cybersecurity posture. Recommended measures include the adoption of multi-factor authentication (MFA), implementation of zero-trust security models, regular system patching, stronger cloud security controls, and continuous vulnerability testing.

The agency stressed that compliance with Nigeria’s data protection regulations is now essential to reducing exposure to future attacks.

Meanwhile, reports estimate that Nigeria has lost billions of dollars to cybercrime in recent years, with annual losses continuing to rise as digital adoption expands across banking, government services, and commerce.

Experts warn that without urgent investment in cybersecurity infrastructure in Nigeria, the country risks more severe disruptions that could affect financial stability, public trust, and national digital systems.

Nigeria Cybersecurity Crisis Deepens as Ransomware Attacks Hit CAC, Banks, Financial Systems