Court Freezes Accounts as Access Bank Seeks Recovery of ₦1.34bn Allegedly Stolen

Access Bank has asked the Federal High Court in Lagos to help recover ₦1.34 billion allegedly moved without authorisation from four customers’ accounts through its SME internet banking platform. Court documents state that the suspicious transfers were discovered on August 12, 2026. The affected accounts belong to MIB TXN Bullion, AIICO General Insurance, Apogee Engineering and SIMS Nigeria. The funds were allegedly distributed to accounts within Access Bank and 71 other financial institutions. Justice Akintayo Aluko granted orders preserving the suspected proceeds, including post-no-debit restrictions and watchlisting of linked BVNs. However, the court declined to order an immediate reversal of recovered funds, saying that would amount to deciding part of the case before the substantive hearing. The matter was adjourned until August 31, 2026. Access Bank was also directed to file an undertaking on damages should the preservation orders later be found unwarranted.

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