Access Bank Seeks Court Freeze over ₦1.34bn Cyber Fraud

In Short

• Access Bank asked the Federal High Court in Lagos to freeze accounts tied to an alleged ₦1.34 billion cyber fraud.
• The bank says the transfers happened via its Access SME App internet banking channel.
• The application targets 71 banks and payment service providers, and requests post-no-debit restrictions.

What Happened

Access Bank says it has approached the Federal High Court in Lagos for an order to freeze accounts linked to beneficiaries of an alleged unauthorised transfer of ₦1,340,425,393.

The bank filed the motion on August 13, 2026. It said it discovered the incident when it resumed operations on August 12, 2026.

According to the court filings, the funds were moved without authorisation from four customer accounts. The bank listed the accounts as MIB TXN Bullion, Aba Branch, AllCO General Insurance Company Limited, Apogee Engineering Limited, and Sims Nigeria Limited.

Access Bank told the court its internal investigation suggests the money was “dissipated” into multiple accounts held with Access Bank and 71 other financial institutions and payment service providers. Named respondents reportedly include Ecobank, eTranzact, Fidelity Bank, FirstBank, Globus Bank, and Alpha Morgan Bank.

The bank is asking for post-no-debit, or PND, restrictions. A PND is a hold that prevents money from leaving an account, similar to putting a padlock on outgoing transfers.

Access Bank also wants the respondents to disclose what they have recovered so far, provide details of accounts listed in attached schedules, and “watchlist” the linked Bank Verification Numbers, or BVNs, to limit further movement of funds.

Why It Matters

This case shows how cyber fraud investigations in Nigeria often quickly become multi-institution incidents. Once funds are split across many destination accounts, banks rely on rapid coordination and legal orders to preserve money before it is withdrawn or moved again.

For founders and operators building payment or banking products, it is also a reminder that security controls on digital channels matter as much as speed and uptime. Court-backed freezes can extend restrictions already applied by other institutions, and create a paper trail regulators and law enforcement can act on.

The next key signal will be whether the court grants the order and how much of the ₦1.34 billion can be traced and reversed.