• Funds stolen from customers’ corporate accounts, transferred to over 70 accounts in different banks

Access Bank Plc has approached the Federal High Court in Lagos seeking to recover ₦1.34 billion allegedly siphoned from the accounts of four corporate customers through unauthorised transactions on its Access SME internet banking platform.

The bank’s legal action followed the discovery on August 12, 2026, of suspicious transfers involving the accounts of MIB TXN Bullion, Aba Branch; AIICO General Insurance Company Limited; Apogee Engineering Limited; and SIMS Nigeria Limited.

Court documents showed that a total of ₦1,340,425,393 was allegedly transferred from the four accounts and subsequently distributed to accounts domiciled with Access Bank and 71 other financial institutions.

The affected amounts were ₦590,975,889 from MIB TXN Bullion, ₦420,449,504 from AIICO General Insurance Company Limited, ₦136 million from Apogee Engineering Limited and ₦193 million from SIMS Nigeria Limited.

In an ex-parte application marked FHC/LAG/MISC/1168/2026, Access Bank asked the court to preserve the funds and prevent their further movement pending the determination of its substantive suit.

The bank listed 71 financial institutions as respondents and sought orders directing them to place post-no-debit restrictions on accounts and Bank Verification Numbers (BVNs) linked to the alleged fraudulent transfers.

It also asked the court to compel the affected banks to disclose the amounts remaining in the beneficiary accounts and watchlist the BVNs associated with accounts that received the funds.

Access Bank further sought an order directing the reversal of any recovered funds into its account, but the court declined to grant the request at the preliminary stage.

In its affidavit, the bank said its internal investigation established that the funds had been transferred without the authorisation of the affected customers and subsequently distributed among several accounts.

The bank said it immediately contacted the affected financial institutions, notified them of the suspected fraud and requested that the funds be preserved while investigations continued.

It argued that urgent court intervention was necessary to prevent the suspected proceeds from being withdrawn, transferred or otherwise dissipated.

Access Bank also maintained that preserving the funds was necessary to protect its customers and prevent cybercrime capable of causing significant financial and economic damage.

Justice Akintayo Aluko, after considering submissions by Access Bank’s counsel, Ifeoma E. Enyinnaya, granted three of the reliefs sought by the bank.

The judge held that the essence of the application was to preserve the funds from further dissipation and that the court had a duty to protect the subject matter of the case.

However, Justice Aluko declined to grant the relief seeking immediate reversal of the recovered funds, holding that such an order would amount to a final determination of part of the case at the preliminary stage.

The court subsequently adjourned the matter until August 31, 2026, for further proceedings.

Justice Aluko also directed Access Bank’s counsel to file an undertaking as to damages in the event that the orders granted by the court are later found to have been unwarranted.