A Federal High Court sitting in Lagos has directed 71 banks and financial institutions to place post-no-debit restrictions on accounts used to store funds from an alleged N1.34 billion fraudulent transfer originating from Access Bank’s internet banking platform, the Access SME App.
Justice Akintayo Aluko issued the order on Monday following an ex parte application presented by Ifeoma E. Enyinnaya, legal counsel to Access Bank. The application requested debit restrictions on target accounts and the watchlisting of Bank Verification Numbers (BVNs) associated with the recipients of the unauthorized funds.
According to court filings submitted on August 13, Access Bank detected the cyber fraud scheme on August 12, 2026. The bank stated that the illegal transfers were carried out through its Access SME App platform across several internal accounts and third-party 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 stated in court records.
“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 requested four specific orders from the court, including a mandate for the 71 institutions to freeze the receiving accounts and submit sworn affidavits detailing any recovered balances.
The bank explicitly asked for an order directing itself and the respondents to place a PND on all listed accounts and BVNs in Exhibits Access 1 and 2, along with any other accounts receiving the unauthorized N1,340,425,393, limited to the amount each beneficiary received, pending the Motion on Notice.
Furthermore, Access Bank sought an order compelling the respondents to file and serve affidavits of disclosure identifying the exact funds secured within the listed beneficiary accounts.
The institution also requested the court to direct the watchlisting of all BVNs linked to the affected accounts until the full N1,340,425,393 is retrieved, proportionate to the sum sent to each account.
In its final request, Access Bank sought an order requiring the 71 financial institutions to reverse all salvaged funds from the designated accounts and linked BVNs back to Access Bank account number 0703060877, to the extent of the funds received by each account holder.
The respondents in the suit encompass commercial banks, fintechs, and microfinance institutions, including 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, Jaiz Bank Ltd, 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.
Justice Aluko granted the first three reliefs, establishing account freezes, requiring disclosures from the financial institutions, and placing the affected BVNs on a watchlist.
The judge denied the fourth request for an immediate reversal of funds, ruling that returning the money at this stage would constitute a final judgment.
The case was adjourned until August 31, 2026, for further legal proceedings.
