By Joshua Tosin Ogunsakin 
In a bid to strengthen security operations and safeguard assets amid rising operational risks, six leading Nigerian banks collectively spent N36.4 billion on security in 2024, according to their recently released full-year financial statements.
This figure highlights the growing cost burden banks are bearing to maintain safety, both for their physical branches and digital infrastructure.
Topping the list is Access Bank, which led the pack with a security expenditure of N14.84 billion. Zenith Bank followed with N11.01 billion, while United Bank for Africa (UBA) recorded N6.59 billion in security-related spending.
Fidelity Bank allocated N3.43 billion, Wema Bank spent N557.54 million, and Stanbic IBTC reported the least at N12.30 million.
These rising security expenses reflect the heightened need for protective measures across the banking landscape, which continues to face challenges ranging from cyber threats to physical attacks on banking facilities, particularly in volatile regions. Analysts say these investments are critical for sustaining customer trust, protecting critical infrastructure, and ensuring compliance with evolving regulatory and insurance requirements.
Security is not the only structural cost weighing on Nigerian banks. Energy expenditure — particularly for powering branches and ATMs during grid failures — remains a significant burden.
Many banks rely heavily on diesel-powered generators, further inflating operating costs in a year of currency volatility and high inflation.
“Security and energy are two of the biggest non-core costs we’re seeing in the financial sector,” said a Lagos-based financial analyst. “They are essential, but they also erode margins and reduce the ability to invest in customer-facing innovations.”
As the banking sector continues to navigate Nigeria’s complex economic and security landscape, experts suggest that collaboration on shared security infrastructure, alongside regulatory support, could help reduce individual bank overheads while enhancing industry-wide resilience.
With operational risks unlikely to ease soon, banks are expected to maintain — if not increase — their investment in security in the years ahead.