Access Bank Plc has approached the Federal High Court in Lagos in a desperate bid to recover N1.34 billion allegedly siphoned from four customers’ accounts through its internet banking platform.
The bank told the court that the money was moved without authorisation during a suspected cyber fraud incident involving its Access SME App.
The affected accounts belonged to MIB TXN Bullion, Aba Branch; AIICO General Insurance Company Limited; Apogee Engineering Limited; and Sims Nigeria Limited.
According to court documents, a total of N1,340,425,393 was allegedly transferred from the four accounts and subsequently dispersed into several accounts held across 71 banks and financial institutions.
Access Bank has now asked the court to urgently place post-no-debit (PND) restrictions on the beneficiary accounts and accounts linked to their Bank Verification Numbers (BVNs) to prevent the funds from being moved or withdrawn.
The bank filed an ex-parte motion marked FHC/LAG/MISC/1168/2026, seeking several interim orders to preserve and recover the allegedly stolen funds.
How the N1.34bn allegedly disappeared
In an affidavit filed in support of the application, Sodiq Jimoh, a litigation clerk with Country Hill Attorneys & Solicitors, the bank’s counsel, said the fraud was discovered when the bank resumed operations on August 12, 2026.
According to the affidavit, the alleged withdrawals were traced to four customer accounts.
MIB TXN Bullion, Aba Branch, reportedly lost N590,975,889, while AIICO General Insurance Company Limited allegedly lost N420,449,504.
Apogee Engineering Limited was said to have lost N136 million, while N193 million was allegedly removed from Sims Nigeria Limited’s account.
The four transactions amounted to N1.34 billion.
The bank said its internal investigation showed that the funds were subsequently transferred to various accounts domiciled with Access Bank and the 71 respondent banks.
Access Bank also said it had identified the BVNs of some of the alleged beneficiaries and traced other accounts linked to those BVNs.
Bank raises alarm over further movement
Worried that the funds could disappear before they were recovered, Access Bank said it immediately contacted the affected financial institutions and requested that the money be preserved.
The bank told the court that some of the respondent banks had already placed PND restrictions on the beneficiary accounts, but sought a court order to sustain the restrictions.
It argued that allowing the funds to remain accessible could result in further dissipation and make recovery difficult.
Access Bank also warned that the incident had implications beyond the individual customers involved, arguing that cybercrime of such magnitude could undermine economic and national interests.
The bank therefore asked the court to compel the respondent banks to disclose how much of the allegedly diverted money remained in the beneficiary accounts.
It also sought an order directing the banks to watchlist the relevant BVNs until the entire N1.34 billion was recovered, to the extent of the amount received by each beneficiary.
Access Bank wants money returned
The bank had also asked the court to order the immediate reversal of all salvaged funds into its account.
However, that particular request suffered a setback.
Justice Akintayo Aluko, after listening to submissions by Access Bank’s lawyer, Ifeoma E. Enyinnaya, and reviewing the processes and authorities cited before the court, granted three of the bank’s requests but rejected the fourth.
The judge held that the essence of the application was to preserve the disputed funds from further dissipation, stressing that the court had a duty to preserve the subject matter of the case.
According to the judge, the first three reliefs were grantable at the interim stage, while the request for immediate reversal of the funds could not be granted because it amounted to a final order.
Consequently, reliefs one to three were granted, while the fourth relief was refused.
The judge adjourned the case until August 31, 2026, for further proceedings.
Justice Aluko also directed the bank’s lawyer to file an undertaking as to damages in the event that it was subsequently determined that the interim orders ought not to have been granted.
The court order means the immediate focus is now on preserving whatever portion of the alleged N1.34 billion remains in the identified accounts while the case progresses.
Access Bank had undertaken to pay damages should the court later find that the interim orders were wrongly obtained.
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