Access Bank Drags 71 Banks to Court Over ₦1.34bn Unauthorised Transfers
Access Bank Plc has approached the Federal High Court in Lagos seeking to recover ₦1.34 billion allegedly transferred without authorisation from the accounts of four customers through its Access SME internet banking platform.
The bank filed an ex-parte application marked FHC/LAG/MISC/1168/2026, asking the court to preserve the disputed funds and prevent further movement of the money pending the determination of its substantive case.
According to court documents, Access Bank discovered the suspicious transactions on August 12, 2026, after identifying unusual transfers involving MIB TXN Bullion, Aba Branch; AIICO General Insurance Company Limited; Apogee Engineering Limited; and SIMS Nigeria Limited.
The total amount allegedly transferred from the four accounts was ₦1,340,425,393.
The bank said ₦590,975,889 was allegedly taken from MIB TXN Bullion, while ₦420,449,504 was transferred from AIICO General Insurance Company Limited. Another ₦136 million was allegedly moved from Apogee Engineering Limited, with ₦193 million reportedly transferred from SIMS Nigeria Limited.
Access Bank told the court that the funds were subsequently distributed among several accounts held with Access Bank and 71 other financial institutions, which were listed as respondents in the suit.
The bank asked the court to direct the respondent financial institutions to place Post-No-Debit (PND) restrictions on accounts and Bank Verification Numbers linked to the alleged transfers.
It also sought orders compelling the banks to disclose how much of the disputed funds remained in the beneficiary accounts and to watchlist the BVNs associated with the accounts that allegedly received the money.
Access Bank further requested an order directing the immediate reversal of recovered funds into its account. However, Justice Akintayo Aluko declined to grant that particular relief at the preliminary stage.
In an affidavit supporting the application, the bank said its internal investigation indicated that the transfers were carried out without the authorisation of the affected customers.
The bank said it immediately contacted the affected financial institutions after discovering the transactions, notified them of the suspected fraud and requested that any traceable funds be preserved.
Access Bank argued that urgent court intervention was necessary to prevent the suspected proceeds from being withdrawn, transferred or otherwise dissipated before recovery efforts could be completed.
After hearing submissions from Access Bank’s counsel, Ifeoma E. Enyinnaya, Justice Aluko granted three of the reliefs sought by the bank.
The judge held that the main purpose of the application was to preserve the disputed funds from further dissipation and that the court had a duty to protect the subject matter of the proceedings.
However, the judge refused the request for immediate reversal of recovered funds, holding that granting such an order at the ex-parte stage would amount to a final determination of part of the case.
Justice Aluko subsequently adjourned the matter until August 31, 2026, for further proceedings.
The judge also directed Access Bank’s counsel to file an undertaking as to damages in the event that the interim orders are later found to have been unwarranted.
The case remains ongoing, and the court has not made any final finding that the identified beneficiaries or any of the respondent banks participated in the alleged fraud.
