Access Bank Plc has initiated legal proceedings at the Federal High Court in Lagos, seeking a court order to freeze a significant number of bank accounts. These accounts are reportedly linked to individuals and entities that are beneficiaries of an alleged unauthorized financial maneuver, involving the siphoning of N1.34 billion from the accounts of four of its esteemed customers. The legal filing, formally designated as Suit No. FHC/LAG/CS/1168/2026, names a broad spectrum of 71 financial institutions and prominent payment service providers as respondents.The core of the bank’s request is for the court to issue an order that would effectively preserve the funds that were allegedly transferred out of its customers’ accounts, specifically through its Access SME App. This sophisticated digital platform, designed to serve small and medium-sized enterprises, has unfortunately become the alleged conduit for this substantial financial misappropriation.According to detailed sworn testimony presented in an affidavit supporting the application, the gravity of this alleged fraud came to light when the bank resumed its operational activities on August 12, 2026. A preliminary internal investigation swiftly conducted by Access Bank’s security and fraud detection teams indicated that four specific customer accounts had been compromised.The investigation further revealed that the aggregate sum of N1,340,425,393 was purportedly transferred from these accounts without any requisite authorization or customer consent.
The specific accounts identified as victims of this alleged scheme include:* **MIB TXN Bullion-Aba Branch:** From this account, a staggering N590,975,889 is alleged to have been transferred.* **AllCO General Insurance Company Limited:** This entity reportedly saw N420,449,504 moved without authorization.* **Apogee Engineering Limited:** A sum of N136 million was allegedly transferred from this account.* **Sims Nigeria Limited:** This account is reported to have had N193 million transferred out.Access Bank’s internal forensic accounting efforts have been instrumental in tracing the movement of these illicitly obtained funds. The investigation has successfully identified that substantial portions of the N1.34 billion have been dispersed into numerous other accounts, some of which are domiciled within Access Bank itself, while others are held by the 71 respondent financial institutions and payment service providers. The affidavit explicitly states, “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.”Beyond account tracing, Access Bank has also meticulously worked to identify the individuals or entities behind these fraudulent transactions by tracing the Bank Verification Numbers (BVNs) associated with the alleged beneficiaries.
This has allowed the bank to uncover further financial links and identify additional accounts that are connected to these BVNs, suggesting a potentially wider network of illicit activity.In light of these findings, Access Bank is imploring the court to issue a directive compelling the respondent banks, fintech companies, and payment service providers to implement immediate post-no-debit (PND) restrictions. This measure would effectively freeze any accounts and associated BVNs that are identified as being linked to the allegedly diverted funds. The proposed court order aims to ensure that the funds, once received by each beneficiary, are immediately ring-fenced and remain inaccessible pending the final adjudication of the substantive legal application.Furthermore, Access Bank is seeking court orders that would mandate the respondent institutions to provide a comprehensive disclosure of all recovered funds originating from the affected accounts. They are also requesting detailed information pertaining to the specific accounts that have been identified as holding the illicitly transferred sums, as outlined in the schedules attached to the court filing.In a move to solidify the recovery efforts, Access Bank is also requesting that the relevant BVNs be placed on a watchlist. This would prevent any further movement or dissipation of funds associated with these identifiers until the entire N1.34 billion, to the extent it has been received by each beneficiary, is successfully recovered.To facilitate the repatriation of the funds, Access Bank has specifically asked the court to direct that any recovered monies be reversed and deposited into a designated Access Bank account belonging to the applicant.The bank has informed the court that, upon discovering the alleged fraud, it promptly reached out to the respondent institutions. These communications were intended to notify them of the incident and to formally request the preservation of the funds, along with the supply of pertinent account details. The affidavit notes that some of these respondent institutions have, in fact, already taken the initiative to place PND restrictions on certain accounts.
However, Access Bank emphasizes that a formal court order is indispensable to provide the necessary legal backing and sustain these restrictions effectively.As stated in the affidavit, “The 1st–71st Respondents have placed a PND on the accounts, but they need an order of this Honourable Court to sustain it.” This highlights the bank’s contention that voluntary cooperation, while appreciated, is insufficient to guarantee the long-term security of the funds.Access Bank’s legal team has strongly argued that immediate judicial intervention is paramount to prevent the further dissipation of these substantial funds and to secure assets that are potentially connected to the alleged fraudulent activities. The bank articulated this urgency by stating, “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.”The bank further underscored its fiduciary duty, emphasizing its responsibility to safeguard customer funds from unauthorized withdrawal, movement, or dissipation before they can be recovered. This commitment to customer protection is a cornerstone of its argument.In a broader context, Access Bank also presented the application as a crucial measure to combat the escalating threat of cybercrime. The bank warned that unchecked cybercriminality has the potential to significantly undermine Nigeria’s economic stability and national interests. The affidavit elaborates on this point: “The grant of this application is also necessary to prevent cybercrime which has the capacity to undermine economic and national interest.”To demonstrate its good faith and mitigate potential risks to the respondents, Access Bank has provided an undertaking to compensate for any damages should the court subsequently rule that the freezing order was granted erroneously.
Simultaneously, the bank issued a stark warning regarding the consequences of any delay, highlighting the potential for irreparable damage and significant financial losses.The legal application has been formally lodged pursuant to Order 26 Rule 6 of the Federal High Court (Civil Procedure) Rules 2019, in conjunction with the relevant provisions of the 1999 Constitution and the inherent jurisdictional powers of the court.Access Bank is being represented by a team of accomplished legal professionals from Country Hill Attorneys and Solicitors, including Ifeoma Esther Enyinnaya, Aishat Nurudeen, and Faith Itua-Oboh.The extensive list of respondent institutions includes many of Nigeria’s largest and most prominent commercial banks, such as First Bank, Fidelity Bank, Ecobank, FCMB, GTBank, Keystone Bank, Stanbic IBTC, Union Bank, United Bank for Africa, Wema Bank, and Zenith Bank. Additionally, the respondents encompass a wide array of microfinance banks, innovative fintech companies, and critical payment service providers, including well-known names like OPay, PalmPay, Moniepoint, Kuda, Paga, and SmartCash, underscoring the broad reach of the alleged financial network.
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