Banks in Nigeria are being investigated amid allegations that they have been complicit in the prevalence of cybercrime.

This is according to the Economic and Financial Crimes Commission (EFCC), which says it is investigating banks in the country

EFCC Chairman, Ibrahim Lamorde, disclosed that about ten commercial banks, all based in Lagos, are being investigated for cybercrime cases ranging from illegal transfers of money via the internet, and by-passing the Nigerian Financial Intelligence Bureau (NIFIU) or other related security agency.

The anti-graft agency has already cautioned five Lagos-based banks on the issue, Larmode said.

The revelations have come about amid the country’s two anti-corruption agencies having reported increasing cases of cybercrime in the country.

EFCC and the Special Fraud Unit (SFU) of the Nigeria Police said the number of such cases are growing daily.

The SFU reported that banks are the most affected by the crimes.

Speaking on the issue at a forum in Lagos, EFCC Chairman, Ibrahim Lamorde, said in 2013, more than 100 cases of cybercrimes were reported to the commission.

According to Lamorde, the number represented an increase in the previous year in which ‘fewer’ cases of cybercrime were reported to the commission.

Lamorde noted that investigations on the cases are at various advanced stages while some of the suspects have been apprehended and charged to court.

He said about 50 such cases are currently before courts in Lagos.

Confirming the growing trend, the SFU has revealed it is handling more than 197 cyber fraud cases.

Tunde Ogunsakin, a police commissioner and head of the SFU, said the unit had been overwhelmed by cases of cybercrime.

“We are treating a large number of cybercrime cases. A majority of these cases are reported in Lagos and Abuja,” he said.