eTranzact Fraud Case: Court Orders Freeze of 69 Accounts

In Short

• A Federal High Court in Abuja ordered 12 banks and six fintech platforms to freeze about 69 accounts.
• The order follows alleged unauthorised credit transactions linked to the eTranzact ecosystem.
• Police say ₦181 million has been preserved so far, with most of the alleged proceeds still outstanding.

What Happened: Abuja Court Freeze Order Tied To eTranzact Transactions

Nigeria’s Federal High Court in Abuja has ordered banks and fintech platforms to freeze 69 accounts connected to an alleged ₦1.39 billion fraud involving eTranzact. The freeze is a “post-no-debit” restriction, which means money cannot be withdrawn or moved out of the affected accounts.

The order was granted by Justice Joyce Abdulmalik after an ex parte motion, a request heard without the other side present. The motion was filed by a legal representative of the Inspector-General of Police.

According to court filings referenced in the report, eTranzact petitioned authorities over suspected database penetration and transaction manipulation. In simple terms, that means attackers may have accessed systems and changed transaction records, leading to fraudulent credits into beneficiary accounts held at other financial institutions.

Police also asked the court to compel the financial institutions to provide certified statements of account and account-opening documents for the affected accounts. The judge granted that request.

Why It Matters: Payments Trust, Incident Response, And Compliance Pressure

This case matters for Nigeria’s payments sector because it shows how quickly fraud can move across multiple banks once interbank transfers are involved. It also shows why platforms need strong monitoring and incident response, which is the internal process for detecting attacks, stopping further losses, and preserving evidence.

For banks and fintechs, the order raises compliance pressure around rapid account freezes, customer due diligence, and cooperating with law enforcement during live investigations.

For eTranzact, the situation is also a test of operational resilience. The company had reported profitability in 2025, but allegations of system manipulation can affect partner confidence if not resolved quickly and transparently.