THE Federal High Court in Lagos has ordered 71 banks and other financial institutions to place debit restrictions on accounts used to warehouse part of the N1.34 billion allegedly fraudulently moved from customers’ accounts domiciled with Access Bank through the bank’s internet banking platform, Access SME App.
News Point Nigeria reports that Justice Akintayo Aluko made the order on Monday following an ex parte application filed by Ifeoma E. Enyinnaya, counsel to Access Bank, seeking, among other reliefs, the placement of a Post-No-Debit, PND, restriction on accounts and the watchlisting of Bank Verification Numbers, BVNs, linked to beneficiaries of the unauthorised funds.
In the ex parte application filed on August 13, Access Bank told the court that it discovered the fraud incident on August 12, 2026, involving some accounts domiciled with the bank, adding that the scheme was perpetrated through its internet banking application known as the “Access SME App.”
The bank said its internal investigation revealed that a total of N1,340,425,393, representing One Billion, Three Hundred and Forty Million, Four Hundred and Twenty-Five Thousand, Three Hundred and Ninety-Three Naira, was moved from customers’ accounts without authorisation into several accounts domiciled with Access Bank and 71 other financial institutions.
“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,” Access Bank said in court documents.
“It was discovered upon the Applicant’s internal investigation that monies totaling N1,340,425,393.00 (One Billion, Three Hundred and Forty Million, Four Hundred and Twenty-Five Thousand, Three Hundred and Ninety-Three Naira) were moved from its customers’ accounts without authorization to several accounts domiciled with the Applicant and the 1st to 71st Respondents as listed in Exhibit Access Bank 1.”
Access Bank consequently sought four reliefs from the court, including an order directing the 71 financial institutions whose accounts allegedly benefitted from the N1.34 billion to place a PND restriction on the affected accounts and file affidavits disclosing the amounts that had been salvaged.
The bank specifically sought an order directing Access Bank and the 1st to 71st respondents to place a PND on all the accounts and BVNs listed in schedules marked Exhibits Access 1 and 2, as well as any other accounts that benefitted from the unauthorised N1,340,425,393, to the extent of the sums received by each beneficiary, pending the determination of the Motion on Notice.
It also sought an order compelling the 71 respondents to file and serve affidavits of disclosure on the accounts listed in Exhibits Access 1 and 2, stating the amounts salvaged in the accounts that allegedly benefited from the N1.34 billion.
Access Bank further asked the court to direct it and the 71 respondents to watchlist the BVNs of accounts listed in Exhibits Access 1 and 2, as well as any other accounts that benefitted from or received the unauthorised funds, until the entire N1,340,425,393 is recovered, but only to the extent received by each beneficiary.
In its fourth relief, the bank sought an order directing Access Bank and the 71 respondents to reverse the salvaged funds in the listed accounts and any accounts linked to their BVNs, as contained in Exhibits Access 1 and 2, to Access Bank account number 0703060877, domiciled with the applicant, to the extent received by each of the beneficiaries.
The respondents listed in the suit include Accion Microfinance Bank Ltd, Addosser Microfinance Bank Ltd, Alternative Bank Ltd, Alpha Morgan Bank Ltd, Bank 78 Microfinance Bank Ltd, Blueridge Microfinance Bank Ltd, Bosak Microfinance Bank Ltd, Branch International Financial Services Ltd, Carbon Microfinance Bank Ltd, Changan Rts Microfinance Bank Ltd, Cintrust Microfinance Bank Ltd, Dash Microfinance Bank Ltd, Ecobank Ltd, Etranzact International Plc, Fairmoney Microfinance Bank Ltd, Fewchore Finance Bank Ltd, FHA Mortgage Bank Ltd, Fidelity Bank Plc, First Bank Ltd, First City Monument Bank Ltd, Globus Bank Ltd, Gomoney Ltd, Guaranty Trust Bank Ltd, Indulge Microfinance Bank Ltd, Infinity Microfinance Bank Ltd and Jaiz Bank Ltd.
Others are Kegow Ltd, Keystone Bank Ltd, Kongapay Ltd, Kuda Microfinance Bank Ltd, LAPO Microfinance Bank Ltd, Lotus Bank Ltd, Momo Payment Service Bank Ltd, Moniepoint Microfinance Bank Ltd, Net Microfinance Bank Ltd, New Edge Finance Ltd, Nirsal Microfinance Bank Ltd, Nombank Microfinance Bank Ltd, Nownow Microfinance Bank Ltd, Opay Digital Services Ltd, Optimus Bank Ltd, Paga, Palmpay Ltd, Parallex Bank Ltd, Polaris Bank Ltd, Premium Trust Bank Ltd, Providusunity Bank Ltd, Renmoney Microfinance Bank Ltd, Safe Haven Microfinance Bank Ltd, Signature Bank Ltd, Smartcash Payment Service Bank Ltd, Source Microfinance Bank Ltd, Sparkle Microfinance Bank Ltd, Standard Chartered Bank Ltd, Sterling Bank Plc, Summit Bank Ltd, Suntrust Bank Ltd, Supreme Microfinance Bank Ltd, Stanbic IBTC Bank Plc, Taj Bank Ltd, Tatum Bank Ltd, Tenn Microfinance Bank Ltd, Titan Trust Bank Ltd, Union Bank Plc, United Bank for Africa Plc, VFD Microfinance Bank Ltd, Wema Bank Plc, Zenith Bank Plc, 9payment Service Bank Ltd and 9japay Microfinance Bank Ltd.
Ruling on the application, Justice Aluko granted reliefs one to three, thereby ordering debit restrictions on the affected accounts, disclosures by the respondent financial institutions and the watchlisting of the relevant BVNs.
However, the judge declined to grant the fourth relief, holding that the request for the reversal of the salvaged funds appeared to amount to a final order.
Justice Aluko subsequently adjourned the matter until August 31, 2026, for further proceedings.