Amanze Chinonye
Access Bank Plc has approached the Federal High Court in Lagos seeking orders to restrict accounts allegedly linked to the transfer of ₦1.34 billion from four of its customers’ accounts without authorisation, Prime Business Africa reports.
Join our WhatsApp Channel
The bank filed the application on August 13, 2026, in Suit No. FHC/LAG/CS/1168/2026, against 71 banks, fintechs, microfinance banks and other financial institutions.
READ ALSO :
The case centres on transactions allegedly carried out through Access Bank’s SME digital banking platform, the Access SME App.
According to court documents cited on the case, the bank discovered the transactions after resuming operations on August 12 and subsequently launched an investigation into the incident.
The affected accounts belonged to MIB TXN Bullion-Aba Branch, AllCO General Insurance Company Ltd, Apogee Engineering Ltd and Sims Nigeria Ltd.
Access Bank said ₦590.98 million was allegedly transferred from the MIB TXN Bullion account, ₦420.45 million from AllCO General Insurance, ₦136 million from Apogee Engineering and ₦193 million from Sims Nigeria.
The combined value of the transactions was ₦1.34 billion.
The bank told the court that its investigation traced the funds to accounts held with the respondent institutions. It also said it identified the Bank Verification Numbers associated with the beneficiary accounts and traced other accounts linked to those BVNs.
Access Bank is seeking orders directing the relevant institutions to place post-no-debit restrictions on the identified accounts to prevent further movement of the funds.
It is also asking the court to compel the institutions to provide details of the accounts involved, disclose any amounts already recovered and assist in tracing the allegedly diverted funds.
The bank said it had notified the respondent institutions of the alleged fraud and requested that they preserve any funds connected to the transactions while providing information relevant to its investigation.
READ MORE :
The respondents include First Bank, Fidelity Bank, FCMB, Ecobank and Globus Bank, as well as fintech and microfinance institutions such as Carbon, FairMoney, Branch International Financial Services, Addosser Microfinance Bank, Accion Microfinance Bank and Alternative Bank.
The Access SME App was launched by Access Bank in July 2026 as a digital platform designed to help small and medium-sized enterprises manage banking and business operations.
The bank’s court action is aimed at preventing further dissipation of the funds and facilitating their recovery.
However, the allegations contained in the suit have yet to be determined by the court. The inclusion of the 71 institutions as respondents does not, by itself, establish that they participated in or were responsible for the alleged fraud.
The matter is pending before the Federal High Court in Lagos.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
