Bluebulb has called for coordinated action among financial institutions, cybersecurity experts, regulators and law enforcement agencies to address cybercrime, financial fraud and fraud enable
Bluebulb has called for coordinated action among financial institutions, cybersecurity experts, regulators and law enforcement agencies to address cybercrime, financial fraud and fraud enabled by insiders in Nigeria’s financial ecosystem.
The call followed the Nigerian Cybersecurity and Fraud Roundtable, convened by Bluebulb in Lagos on 11 November 2026 under the theme “Securing the Ecosystem: Collective Resilience Against Fraud and Cyber Threat in Nigerian Finance.” Industry stakeholders examined the consequences of security failures, gaps in institutional controls and opportunities for responsible fraud intelligence sharing. Discussions generated 17 recommendations for further review, grouped around proactive security, industry collaboration, regulatory engagement and investment in resilience.
Ola Daramola, CEO and Co-founder of Bluebulb, said the industry must recognise cybersecurity as a leadership responsibility, one that protects customer trust and institutional resilience, rather than treating security solely as an IT expense.
“Fraudsters already operate as a network, and they exploit every gap between our institutions. Cybersecurity is not an IT cost; it is a leadership responsibility. Good legislation and strong regulation are essential, and we must engage fully with that process. But every institution can also act today, by putting its own house in order and by standing with one another,” he said.
Other speakers echoed the call. Professor Adewale Peter Obadare, CEO of Digital Encode, a leading Nigerian cybersecurity company, stressed that fintechs must understand the consequences of failing to secure their operating environments. Ade Atobatele, CEO of Bootstrap Africa and Legishield, urged the industry to move beyond repeated conversations, make bold collective moves and seek the support it needs from regulators. Mayowa Owolabi, one of Nigeria’s fintech experts drew attention to bad actors within financial institutions and the need for stronger action against fraud enabled by insiders.
Participants agreed that fraud succeeds less through the sophistication of attackers than through weaknesses inside organisations: in people, processes and technology. They stressed that institutions must:
Beyond each institution’s own house, participants discussed more effective industry intelligence sharing, including further consideration of the proposed Reporter platform and the industry Fusion Centre, alongside consistent customer profiling across institutions. They also considered engagement with regulators, law enforcement and the judiciary on investigation and recovery challenges, and committed to active engagement with the National Assembly on the amendment to the Banks and Other Financial Institutions Act, ensuring the fintech sector has a strong voice in the decisions that shape its future.
The recommendations are a basis for further consultation, not a statement of formally adopted industry policy. Bluebulb intends to continue engaging relevant stakeholders on possible next steps.
“This cannot end as another conversation. Bluebulb is committed to keeping this community working together until the system is genuinely safer for every institution and every customer,” Mr Daramola added.
About BluebulbBluebulb is an enterprise treasury solutions company helping global businesses command their money with clarity, control and confidence. Through advisory and technology, including Orbita, its enterprise treasury platform, Bluebulb brings liquidity, settlement and treasury operations together so finance leaders can see where their cash sits, where it is going and what it is doing. Bluebulb is building the financial infrastructure that enables ambitious businesses, many of them growing from Africa, to operate confidently and compete anywhere in the world.
Also read: Google commits $600,000 to Nigeria’s first nationwide study of teenagers’ internet use
