Access Bank Seeks To Recover ₦1.34bn Allegedly Moved From 4 Customers’ Accounts In Cyber Fraud
Access Bank has approached the Federal High Court in Lagos to recover *₦1.34 billion* allegedly transferred from the accounts of four customers through an unauthorised transaction on its Access SME internet banking platform.
According to court documents, the incident was discovered on *August 12, 2026*, after the bank detected suspicious transactions involving *MIB TXN Bullion, Aba Branch; AIICO General Insurance Company Limited; Apogee Engineering Limited; and SIMS Nigeria Limited.*
A total of *₦1,340,425,393* was reportedly moved from the four accounts and subsequently transferred to several accounts held with Access Bank and 71 other banks.
The breakdown of the alleged fraud is:
*₦590,975,889* from MIB TXN Bullion
*₦420,449,504* from AIICO General Insurance Company Limited
*₦136 million* from Apogee Engineering Limited
*₦193 million* from SIMS Nigeria Limited
In an ex-parte application marked *FHC/LAG/MISC/1168/2026*, Access Bank asked the court to preserve the funds and prevent further movement pending the determination of its substantive suit.
The bank listed 71 financial institutions as respondents and requested orders directing them to place *post-no-debit restrictions* on accounts and BVNs linked to the alleged unauthorised transfers.
It also asked the court to compel the banks to disclose the balances in the beneficiary accounts and to place the BVNs associated with the accounts on watchlist.
Access Bank further sought an order directing 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 showed that the funds were transferred without the customers’ authorisation and distributed among several accounts.
It said it immediately contacted the affected financial institutions, notified them of the suspected fraud and requested that the funds be preserved while investigations continued.
Access Bank argued that urgent court intervention was necessary to prevent the suspected proceeds from being withdrawn, transferred or dissipated. It added that preserving the funds was necessary to protect its customers and prevent cybercrime capable of causing significant financial and economic damage.
Justice *Akintayo Aluko*, after considering submissions by Access Bank’s counsel, *Ifeoma E. Enyinnaya*, granted three of the reliefs sought by the bank.
The judge held that the essence of the application was to preserve the funds from further dissipation and that the court had a duty to protect the subject matter of the case.
However, Justice Aluko declined to grant the fourth relief seeking immediate reversal of the recovered funds, on the grounds that such an order would amount to a final determination of part of the case at that stage.
The court adjourned the matter until *August 31, 2026*, for further proceedings.
Justice Aluko also directed Access Bank’s counsel to file an undertaking as to damages in the event that the orders granted by the court are later found to have been unwarranted.