The urgent need to combat the menace and challenges of cybercrimes is based on the fact that Nigeria has been ranked third in global internet crimes. According to the Information Security Society of Nigeria (ISSAN), 25 percent of Nigeria's cybercrimes are unsolved, while Nigerians account for 75 percent of the world's hackers. Customers in Nigeria lost around 6 billion naira to cyber thieves in 2014, according to the EFCC. Between 2000 and 2013, Nigerian banks lost around 159 billion naira to electronic fraud and cybercrime, with substantial implications for the country's economy and cashless policy. These scenarios vividly portray the need to take drastic measures for a functional central or unified or national database as Nigeria is making significant strides in terms of access and usage of information and communication technology (ICT) in combating the upsurge and menace of cybercrimes.