*Access Bank Plc, one of Nigeria’s leading Deposit Money Banks, files an application at the Federal High Court, in Lagos, seeking an order to freeze bank accounts linked to beneficiaries of an alleged unauthorised transfer of N1.34 billion from four of its customers’ accounts
Isola Moses | ConsumerConnect
Access Bank Plc has approached the Federal High Court, in Lagos, seeking an order to freeze bank accounts linked to beneficiaries of an alleged unauthorised transfer of N1.34 billion from some of its customers’ accounts.
ConsumerConnect gathered the leading Nigerian commercial bank filed the application August 13, 2026, following what it described as a fraud incident involving its Internet banking platform, known as the “Access SME App”.
Access Bank filed the application, marked Suit No. FHC/LAG/CS/1168/2026, against 71 financial institutions and payment service providers, including Accion Microfinance Bank, Addosser Microfinance Bank, Alternative Bank, Alpha Morgan Bank, Bank 78 Microfinance Bank, Blueridge Microfinance Bank, Bosak Microfinance Bank, Branch International Financial Services, Carbon Microfinance Bank, Changan RTS Microfinance Bank, Cintrust Microfinance Bank, Dash Microfinance Bank, Ecobank, eTranzact International, FairMoney Microfinance Bank, Fewchore Finance Bank, FHA Mortgage Bank, Fidelity Bank, First Bank, First City Monument Bank, and Globus Bank.
The top financial institution reportedly said it discovered the fraud incident when it resumed operations August 12 this year.
It its motion ex-parte for the court order, the bank’s internal investigation has established that N1,340,425,393 was moved from four customers’ accounts without authorisation and transferred to several accounts held with Access Bank, and other financial institutions in the West African country.
The Deposit Money Bank (DMB) disclosed that its internal investigation subsequently, indicated that the funds had been transferred to several accounts domiciled with the bank, and the 71 respondent institutions across Nigeria.
It also noted in the court document: “Upon resumption on 12th August 2026, the Applicant noticed a fraud incident, which occurred on some accounts domiciled with the Applicant and was perpetrated through one of the Applicant’s Internet banking application known as Access SME App.”
According to the affidavit filed in support of the application, the affected bank accounts include MIB TXN Bullion-Aba Branch, from which N590,975,889 was allegedly transferred; AllCO General Insurance Company Limited, from which N420,449,504 was moved; Apogee Engineering Limited, involving N136 million; and SIMS Nigeria Limited, involving N193 million.
The bank said the four illegal transactions amounted to N1,340,425,393.
It explained: “The Applicant’s internal investigation revealed that monies moved from the accounts without authorisation had been dissipated to several accounts domiciled with the Applicant and the 1st – 71st Respondents.”
The bank said it also traced the Bank Verification Numbers (BVNs) of the alleged beneficiaries and identified other accounts linked to those BVNs.
Access Bank, therefore, petitioned the court to order the respondent banks and financial institutions to place Post-No-Debit (PND) restrictions on the accounts and BVNs linked to the allegedly diverted funds.
Under the order being sought, the restrictions would apply to the extent of the amounts received by individual beneficiaries, and would remain pending the determination of the substantive application.
Besides, Access Bank seeks that the respondent institutions disclose the amounts recovered from the affected accounts, and provide details of the accounts listed in schedules attached to the court application.
The bank further asked the court to order the institutions to watchlist the relevant BVNs and prevent the movement or dissipation of funds until the entire N1.34 billion is recovered, to the extent received by each beneficiary.
List of affected commercial banks and FinTechs
The other banks listed include GoMoney, Guaranty Trust Bank, Indulge Microfinance Bank, Infinity Microfinance Bank, Jaiz Bank, Kegow, Keystone Bank, KongaPay, Kuda Microfinance Bank, LAPO Microfinance Bank, Lotus Bank, MoMo Payment Service Bank, Moniepoint Microfinance Bank, NET Microfinance Bank, New Edge Finance, Nirsal Microfinance Bank, Nombank Microfinance Bank, NowNow Microfinance Bank, OPay Digital Services, Optimus Bank, Paga, PalmPay, Parallex Bank, Polaris Bank, Premium Trust Bank, Providus/Unity Bank, RenMoney Microfinance Bank, Safe Haven Microfinance Bank, Signature Bank, and SmartCash Payment Service Bank.
Others are Source Microfinance Bank, Sparkle Microfinance Bank, Standard Chartered Bank, Sterling Bank, Summit Bank, SunTrust Bank, Supreme Microfinance Bank, Stanbic IBTC Bank, TAJ Bank, Tatum Bank, Tenn Microfinance Bank, Titan Trust Bank, Union Bank, United Bank for Africa, Vale Finance, VFD Microfinance Bank, Wema Bank, Zenith Bank, 9Payment Service Bank and 9JapaPay Microfinance Bank.
The bank further requested an order to direct the reversal of any salvaged funds to an Access Bank account belonging to the applicant.
Access Bank told the court that it had already contacted the respondent institutions about the alleged fraud, and sought that the funds be preserved and details supplied to assist its investigation.
The affidavit stated: “The Applicant, immediately, contacted the 1st – 71st Respondents to notify the Respondents of the fraud, and request that the funds be salvaged and provide further details to enable its investigation.”
The bank noted the respondent institutions had already placed Post-No-Debit restrictions on some of the accounts, but a court order was required to sustain the restrictions.
Access Bank noted in the court document: “The 1st- 71st Respondents have placed a PND on the accounts, but they need an order of this Honourable Court to sustain it.”
The financial institution argued that urgent intervention was necessary to prevent further dissipation of the funds.
“There is an urgent need for the order of this court to preserve the res and every other account in receipt of the funds to avoid further dissipation of the funds,” it stated.
Access Bank further told the court that it had a duty to ensure that money transferred from its customers’ accounts without authorisation was not withdrawn, transferred, or otherwise dissipated before recovery.
Underscoring the need to seek a court order to freeze the affected accounts, it also contended that granting the application was necessary to combat cybercrime, which it said could undermine economic and national interests.
The affidavit stated: “The grant of this application is also necessary to prevent cyber-crime which has the capacity to undermine economic and national interest.”
The bank, however, undertook to pay damages, if the court later found that the order ought not to have been granted.
It also warned that failure to act quickly could result in irreparable damage and financial losses to it, and affected customers.
It said: “irreparable damage and financial loss will result, if this application is not granted quickly.”
Access Bank is represented by lawyers from Country Hill Attorneys and Solicitors, including Ifeoma Esther Enyinnaya, Aishat Nurudeen and Faith Itua-Oboh.
The motion was brought pursuant to Order 26 Rule 6 of the Federal High Court (Civil Procedure) Rules 2019, relevant provisions of the 1999 Constitution (as amended) and the inherent jurisdiction of the court.