JUST IN: IGP unveils new policing model to strengthen banks' security
…CIBN, Bank CEOs hail Egbetokun’s reforms Specially trained Supernumerary (SPY) Police Officers will be deployed to protect banks and critical financial infrastructure, the Inspector General of Police (IGP) Kayode Egbetokun
…CIBN, Bank CEOs hail Egbetokun's reforms
Specially trained Supernumerary (SPY) Police Officers will be deployed to protect banks and critical financial infrastructure, the Inspector General of Police (IGP) Kayode Egbetokun has said.
He said the development was part of a new policing strategy aimed at strengthening the security of Nigeria’s banking sector
Egbetokun disclosed this during a strategic meeting with the Chartered Institute of Bankers of Nigeria (CIBN) and the Body of Banks’ Chief Executive Officers in Lagos on Thursday afternoon.
He also announced a policy change that would end the routine deployment of regular police officers for personal escort and non-essential VIP protection services within the private sector, including banks.
The IGP added that the traditional model of deploying conventional police personnel for routine cash-in-transit escort duties would be progressively restructured, adding that the new framework would prioritise the recruitment, training, and deployment of Spy Police to provide specialised security support to banks and other financial institutions.
He said the initiative is backed by provisions of the Nigeria Police Act, 2020, which empowers the police to approve the appointment, training, and supervision of Supernumerary Police personnel for private organisations requiring dedicated protective services.
Egbetokun noted that the officers would undergo professional training and certification, operate within clearly defined responsibilities, and remain under the supervision and regulatory control of the Nigeria Police Force.
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He added that, subject to approval, the law permits the training and authorisation of such personnel to bear arms to effectively protect banking operations.
Egbetokun said the new policing model would provide enhanced security for cash-in-transit operations, protection of strategic banking infrastructure, executive escort functions where necessary, and safeguarding of sensitive financial operations.
He maintained that the policy shift was designed to optimise police manpower while ensuring that financial institutions continue to operate within a safe and stable environment.
The police chief highlighted the increasing connection between financial security and national stability, adding that the Nigeria Police Force was adopting intelligence-led policing to safeguard financial infrastructure and combat evolving financial crimes like cyber-enabled fraud, identity theft, insider collusion, organised financial crime, and illicit financial flows.
According to him, financial crime has become more sophisticated, technologically driven, and transnational, requiring proactive strategies rather than reactive responses. He warned that disruptions to banking operations could erode public confidence in financial institutions, weaken participation in the formal economy, and expose Nigeria to reputational risks in the global compliance environment.
Egbetokun explained that intelligence-led policing would focus on proactive disruption of criminal networks threatening the financial system through improved information gathering, analysis, and inter-agency collaboration.
He noted that the police have intensified nationwide operations to dismantle violent criminal structures, disrupt kidnapping syndicates, recover illegal arms, and degrade organised crime networks whose activities threaten commercial stability.
The IGP also stressed the importance of prompt reporting of financial crimes, especially cyber fraud, stating that delayed reporting often hampers enforcement efforts, while timely information sharing improves recovery and prosecution outcomes.
Egbetokun further disclosed that the police had strengthened institutional coordination with the Economic and Financial Crimes Commission (EFCC), Nigeria Financial Intelligence Unit (NFIU), and regulatory bodies aligned with the Central Bank of Nigeria (CBN) to ensure criminals do not exploit enforcement and compliance gaps.
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The IGP called for the establishment of structured liaison mechanisms, joint capacity building, and lawful information-sharing frameworks between the police and the banking sector to strengthen Nigeria’s financial security ecosystem.
He reaffirmed the commitment of the Nigeria Police Force to modernisation, professionalism, and ethical policing, stressing that safeguarding Nigeria’s financial system remains critical to sustaining economic growth, financial inclusion, and investor confidence.
In his remarks, the Chairman of the Body of Banks' CEOs, Oliver Alawuba, praised the IGP for effective security provided to the banking sector, noting that it has ensured seamless operations.
Alawuba, who is the Group Managing Director, United Bank for Africa (UBA), also lauded the police chief for reforms targeting broader national security, personnel welfare, schools' protection, and gender inclusion, among others.
According to him, the banking sector was committed to supporting the police and security agencies, noting their continued support for the Police Trust Fund to assist with equipment and operational needs.
"We recognise the sacrifices made by police officers who work tirelessly, often at great personal risk, to ensure public safety while citizens rest in their homes. We deeply appreciate their dedication and service to the nation.
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"Collaboration between the private sector and security agencies remains essential. Recent improvements in security have led to a decline in attacks on bank branches and other related crimes. "Sustaining this progress requires continuous partnership, information sharing, and mutual support.
The government alone cannot meet all security funding requirements. Therefore, private sector participation remains crucial. We remain willing and committed to supporting security agencies to strengthen national safety and stability," Alawuba added.
Also, the President, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Deji Olanrewaju, thanked the IGP for his visit, noting that it underscored the importance of strengthening collaboration between the Nigeria Police Force and the banking industry.
At a time when national security and economic resilience are closely interconnected, this engagement is both timely and strategic.
The banking sector plays a critical role in economic development and can only thrive in a secure and stable environment. We commend your leadership and ongoing reforms aimed at promoting intelligence-led policing, enhancing operational effectiveness, and strengthening stakeholder partnerships," he said.
He said the Institute was firmly committed to professionalism, ethical standards, and constructive engagement in line with the CIBN Act of 2007.
At the strategic meeting were the Managing Director (MD) of Guarantee Trust Bank, Mrs Miriam Olusanya; Union Bank's MD, Mrs Yetunde Oni; Deputy Inspector General (DIG) Operations, Yakubu Kwazi; DIG Training and Development, Frank Mba; Assistant Inspector General of Police (AIG) Zone 2, Adegoke Fayoade, and Lagos Commissioner of Police (CP) Olohundare Jimmy, among others.
