Access Bank Plc has approached the Federal High Court in Lagos seeking to recover ₦1.34 billion allegedly diverted from the accounts of four customers through unauthorised transactions on its Access SME internet banking platform.
The bank said it discovered the suspected fraud on August 12, 2026, after detecting unusual transactions involving MIB TXN Bullion, Aba Branch; AIICO General Insurance Company Limited; Apogee Engineering Limited; and SIMS Nigeria Limited.
According to court documents, a total of ₦1,340,425,393 was allegedly transferred from the four accounts and subsequently distributed across accounts domiciled with Access Bank and 71 other financial institutions.
The affected accounts were reportedly debited as follows: ₦590,975,889 belonging to 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 take urgent steps to preserve the funds and prevent further movement pending the determination of the substantive suit.
The bank listed 71 financial institutions as respondents and requested orders directing them to place post-no-debit restrictions on the accounts and Bank Verification Numbers linked to the alleged fraudulent transfers.
It also asked the court to compel the affected financial institutions to disclose the balances remaining in the beneficiary accounts and to watchlist the BVNs associated with the accounts that received the funds.
Access Bank further sought an order for the reversal of any recovered funds into its account. However, the court declined to grant that request at the preliminary stage.
In its affidavit, the bank said its internal investigation indicated that the funds were moved without the authorisation of the affected customers and subsequently distributed among multiple accounts.
The bank said it immediately contacted the affected financial institutions, alerted them to the suspected fraudulent transactions and requested that the funds be preserved while investigations continued.
Access Bank argued that immediate judicial intervention was necessary to prevent the suspected proceeds from being withdrawn, transferred or otherwise dissipated.
It also maintained that preserving the funds was essential to protect its customers and curb cybercrime capable of causing substantial financial and economic losses.
Justice Akintayo Aluko, after considering the submissions of the bank’s counsel, Ifeoma E. Enyinnaya, granted three of the reliefs sought by Access Bank.
The judge held that the primary purpose of the application was to preserve the subject matter of the case and prevent the funds from being dissipated before the substantive matter could be determined.
However, Justice Aluko refused the request for immediate reversal of the recovered funds, ruling that granting such an order at that stage could amount to a final determination of part of the substantive dispute.
The court adjourned the case until August 31, 2026, for further proceedings.
Justice Aluko also directed Access Bank’s counsel to provide an undertaking as to damages in the event that the interim orders granted by the court are subsequently found to have been unwarranted.
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