Artificial intelligence-powered cyberattacks are becoming a growing security concern for Nigeria’s financial institutions, telecommunications companies and other critical sectors, as criminals increasingly use advanced digital tools to launch sophisticated attacks.
The Nigerian Communications Commission (NCC) has warned that the growing use of artificial intelligence by cybercriminals could expose banking systems, telecommunications networks and national security infrastructure to serious threats.
The warning was issued by the commission’s Executive Vice-Chairman, Dr Aminu Maida, during the second International Cybersecurity Conference held in Abuja on October 27, 2026. Maida was represented at the event by Sunday Oshadami, the NCC’s Executive Commissioner for Technical Services.
According to Maida, cybercriminals are increasingly using AI tools to develop targeted phishing campaigns, steal sensitive login information, create convincing deepfake identities and produce malicious software capable of avoiding conventional security detection systems.
These developments are changing the nature of cybersecurity threats, particularly for financial institutions that depend heavily on digital platforms to process transactions, manage customer information and deliver essential services.
Among the emerging threats are AI-generated messages designed to deceive specific individuals, automated attempts to compromise login credentials and deepfake technology capable of impersonating legitimate customers or employees.
Maida explained that artificial intelligence has significantly increased the speed at which cybercriminals can identify weaknesses in digital systems and exploit them.
He warned that the consequences could extend beyond individual organisations because telecommunications infrastructure supports several essential services, including banking, national defence and public administration.
The NCC executive vice-chairman stressed that an attack on a telecommunications provider could consequently affect other sectors that depend on its infrastructure.
The concern is particularly important for Nigeria, where digital banking, mobile payments and telecommunications services have become central to everyday economic activities.
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How Artificial Intelligence Is Changing Cybersecurity Threats
Unlike conventional cyberattacks that often require considerable technical knowledge and manual intervention, AI-powered attacks can automate several stages of criminal operations.
For instance, artificial intelligence can help attackers produce convincing emails and messages that imitate legitimate financial institutions. Such messages can persuade unsuspecting customers to disclose passwords, account information and other sensitive details.
Deepfake technology introduces another layer of risk. Criminals can manipulate audio and video to impersonate trusted individuals, potentially deceiving financial institutions that rely on identity verification procedures.
Malicious software can also be developed or modified with AI assistance to make detection more difficult for conventional cybersecurity systems.
These capabilities have attracted attention beyond Nigeria. In September 2026, the Bank for International Settlements published a report examining how advanced AI models could increase the speed and sophistication of cyberattacks against financial institutions.
The report, titled When Machines Attack: Frontier AI Cyber Threats and Policy Responses in the Financial Sector, explained that advanced AI models could independently identify software vulnerabilities, develop ways to exploit them and carry out complex attacks with reduced human involvement.
The report also highlighted the growing risks associated with financial institutions depending on shared technology providers, cloud services and software infrastructure.
This means that a successful attack on a widely used service provider could potentially expose several financial institutions to disruption at the same time.
NCC and Government Agencies Strengthen Cybersecurity Measures
In response to the changing threat environment, the NCC disclosed that it had established a Computer Security Incident Response Team to monitor emerging threats, support intelligence sharing and improve incident reporting.
The commission has also introduced a Cyber Resilience Framework intended to establish common security expectations for licensed telecommunications operators.
It urged operators to adopt zero-trust security systems, regularly assess their AI models for vulnerabilities and strengthen their ability to recover from cyber incidents without prolonged service interruptions.
Zero-trust security is an approach that requires continuous verification before granting users, devices or applications access to sensitive systems, rather than automatically trusting anyone already connected to a network.
Meanwhile, the Director-General of the National Information Technology Development Agency (NITDA), Kashifu Abdullahi, highlighted the human element of cybersecurity, warning that criminals increasingly exploit people’s weaknesses rather than relying exclusively on technical vulnerabilities.
He disclosed that NITDA was working with the Office of the National Security Adviser and the National Assembly on a review of the Cybercrime Act.
The initiative is expected to support efforts to strengthen Nigeria’s cybersecurity framework and address emerging threats associated with technological developments.
Back Story: Growing Cybersecurity Risks Facing Financial Institutions
Nigeria’s latest warning reflects a wider international concern about the ability of financial institutions to defend themselves against increasingly sophisticated digital attacks.
Financial institutions are particularly attractive targets because they manage valuable financial information, process large volumes of transactions and depend on interconnected digital infrastructure.
In June 2026, Nigeria’s Computer Emergency Response Team (ngCERT) issued an advisory about cyber-enabled ATM cash-out attacks targeting financial institutions across Africa. The advisory referenced an incident involving United Bank for Africa’s operations in Senegal, where fraudulent withdrawals reportedly exceeded $2 million through 3,421 ATM transactions.
Internationally, regulators are also increasing their scrutiny of AI-related cybersecurity risks. The Bank of England’s July 2026 Financial Stability Report warned that advanced AI could make it easier for attackers to identify and exploit weaknesses in financial systems.
For Nigerian banks and telecommunications operators, the challenge is therefore not simply adopting new technologies but ensuring that their security infrastructure develops alongside them.
As artificial intelligence becomes more accessible, strengthening cybersecurity awareness, investing in modern security systems and improving cooperation between regulators and private organisations will remain essential to protecting Nigeria’s financial ecosystem.
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