Cyber fraud remains a growing concern in Nigeria’s financial ecosystem. From phishing scams to SIM swap fraud and unauthorized transfers, both individuals and businesses face increasing risks. Understanding how to recover a hacked bank account in Nigeria is critical for limiting financial loss, protecting sensitive information, and restoring operational stability.

This guide outlines the immediate steps to take, the regulatory framework involved, and how structured financial controls can reduce exposure to future incidents.

Immediate Steps to Recover a Hacked Bank Account in Nigeria

The first few hours after discovering unauthorized access are crucial. Acting quickly improves the likelihood of reversing transactions and preventing further losses.

1. Contact Your Bank Immediately
Notify your bank through its official customer care line or visit the nearest branch. Request an immediate freeze on the account and associated digital channels such as mobile banking, internet banking, and debit cards.

2. Change All Login Credentials
Update passwords, PINs, and email credentials linked to the account. Avoid reusing previous passwords and enable two-factor authentication where available.

3. Block Your ATM Card and Mobile Banking Access
Most Nigerian banks provide USSD codes for emergency card blocking. Use these immediately if unauthorized withdrawals have occurred.

4. Document Unauthorized Transactions
Keep records of suspicious alerts, transaction timestamps, SMS notifications, and email communications. This documentation will support investigations and potential recovery efforts.

Reporting Cyber Fraud to Authorities in Nigeria

Recovering a hacked bank account in Nigeria may require formal reporting beyond the bank itself, especially in cases involving significant financial loss.

Central Bank of Nigeria (CBN) Consumer Protection Department
If the issue is not resolved promptly by your bank, you may escalate the complaint to the CBN through its consumer protection channels.

Economic and Financial Crimes Commission (EFCC)
For large-scale fraud or organized cybercrime, filing a report with the EFCC can initiate a formal investigation.

Nigeria Inter-Bank Settlement System (NIBSS)
NIBSS plays a key role in electronic payment systems. In some cases, transaction tracing and interbank recovery processes may involve NIBSS frameworks.

Timely reporting improves the chances of freezing beneficiary accounts before funds are withdrawn or transferred further.

Common Causes of Bank Account Hacking in Nigeria

Understanding how breaches occur helps prevent future incidents.

Phishing and Fake Banking Links
Fraudsters send emails or SMS messages posing as banks, requesting login details.

SIM Swap Fraud
Attackers fraudulently obtain a replacement SIM card, gaining control over OTP (one-time password) messages.

Malware and Public Wi-Fi Risks
Using unsecured networks or infected devices can expose sensitive banking credentials.

Insider Compromise and Weak Internal Controls
For businesses, inadequate segregation of duties or shared login credentials increases vulnerability.

How Businesses Can Strengthen Financial Security

For companies involved in import/export, wholesale distribution, FMCG, and logistics, financial disruptions can halt operations, delay supplier payments, and strain trade relationships.

To reduce exposure:

• Implement dual authorization for transactions

• Restrict account access to authorized personnel only

• Conduct periodic reconciliation of bank statements

• Use dedicated corporate banking platforms with enhanced security

• Maintain updated cybersecurity policies

For companies managing cross-border payments and supplier settlements, structured financial oversight is essential.

The Role of Structured Supply Chain Management

Financial security is closely linked to operational structure. Businesses that maintain clear procurement processes, verified supplier databases, and documented payment workflows are less likely to experience fraud-related disruptions.

Wigmore Trading supports businesses across Nigeria and international markets by helping structure reliable sourcing and distribution systems. By ensuring verified supplier relationships, transparent transaction processes, and organized logistics management, companies can reduce operational vulnerabilities that often expose them to financial risks.

When supply chains are properly managed, payment flows become easier to track and audit, reducing the likelihood of fraudulent diversion.

What to Expect During the Recovery Process

When working to recover a hacked bank account in Nigeria, banks typically:

• Launch an internal investigation

• Attempt to trace and freeze beneficiary accounts

• Request sworn affidavits or written complaints

• Provide provisional credit where appropriate (depending on findings)

Recovery timelines vary depending on how quickly the fraud is reported and whether funds remain within the Nigerian banking system.

Preventing Future Bank Account Hacks in Nigeria

Prevention is more effective than recovery. Consider the following safeguards:

• Never share OTPs or banking details

• Avoid clicking on unverified links

• Enable transaction alerts on all accounts

• Regularly update devices and banking apps

• Conduct cybersecurity awareness training for staff

For trading companies handling large transaction volumes, internal controls should be reviewed periodically to align with evolving digital threats.

Conclusion

Recovering a hacked bank account in Nigeria requires immediate action, proper documentation, and coordinated engagement with banks and regulatory authorities. For businesses, the impact extends beyond financial loss to operational disruption and reputational risk.

Strengthening financial controls, improving cybersecurity awareness, and maintaining structured procurement and payment systems are essential steps toward long-term protection.

Wigmore Trading can help. Contact Wigmore Trading today to streamline your sourcing.