Access Bank Approaches Court Over Alleged N1.34bn Lost To Fraud

Access Bank Plc has approached the Federal High Court in Lagos to recover an alleged sum of N1,340,425,393 that the bank said was moved from customer accounts following a fraud incident earlier this month.

The bank, in an ex-parte motion marked FHC/LAG/MISC/1168/2026, listed 71 banks as respondents. Access Bank told the court the funds were allegedly transferred without authorisation through its Access SME App.

In court documents deposed to by Sodiq Jimoh, a litigation clerk with Country Hill Attorneys & Solicitors, the bank said that upon resumption on August 12, 2026, it noticed the incident.

According to the affidavit, internal investigations revealed that a total of N1,340,425,393 was moved from four accounts: MIB TXN Bullion, Aba Branch: N590,975,889.00; AIICO General Insurance Company Limited: N420,449,504.00; Apogee Engineering Limited: N136,000,000.00 and SIMS Nigeria Limited: N193,000,000.00.

The bank stated that the funds were moved to several accounts domiciled with Access Bank and the 71 other banks listed as respondents.

It also said its investigation identified BVNs linked to beneficiary accounts.

Access Bank said it immediately notified the affected banks to help salvage the funds and provide details to aid investigation.

The bank asked the court for six reliefs, including:

An order directing Access Bank and the 71 respondents to place a Post-No-Debit, PND, on accounts and BVNs listed in Exhibits Access 1 and Access 2, and any other accounts that benefited from the N1.34 billion, pending determination of the motion on notice.

An order directing the 71 respondents to file affidavits of disclosure on the listed accounts, stating amounts salvaged.

An order to watchlist the BVNs linked to the accounts in Exhibits Access 1 and 2 until the full sum is recovered, to the extent received by each beneficiary.

An order directing reversal of salvaged funds to Access Bank account number 0703060877.

The bank anchored its application on Order 26 Rule 6 of the Federal High Court Civil Procedure Rules 2019, Sections 6(6)(c) and 36 of the 1999 Constitution, and the court’s inherent jurisdiction.

Access Bank also told the court there was an urgent need to preserve the funds to avoid further dissipation and that it had a duty to ensure monies transferred without authority were not withdrawn.

Justice Akintayo Aluko, after listening to submissions by Access Bank’s counsel, Ifeoma E. Enyinnaya, ruled that the essence of the application was to preserve the funds from further dissipation.

The judge held that “reliefs 1 to 3 are grantable, while relief 4 cannot be granted at this stage, because it is more like a final order.”

Accordingly, the court granted reliefs 1 to 3 and refused relief 4.

Justice Aluko adjourned the matter to August 31, 2026, for further hearing and directed the bank’s lawyer to file an undertaking as to damages should the orders ought not to have been made.

The judge noted that some of the 71 respondents had already placed PNDs on the affected accounts, but said a court order was needed to sustain the measure.

Access Bank said the application was also necessary to prevent cybercrime, which it stated has the capacity to undermine economic and national interest.