A combined photo of Access Holdings Plc Group Chairman, Mr. Aigboje Aig-Imoukhuede and Access Bank logo Photo: Inshot
By Victory Oghene
Some account holders of Access Bank are currently in a panic mood as the sum of ₦1,340,425,393 was discovered on August 13, 2026 to have been transferred from their accounts into several beneficiary accounts maintained with Access Bank and 71 other financial institutions.
Access Bank account holders’ funds totalling ₦1,340,425,393 was
allegedly diverted from customers’ accounts through a suspected cyber fraud.
In a bid to checkmate the fraud and recover the said money, NATIONAL WAVES gathered that Access Bank approached a Federal High Court in Lagos which ordered the freezing of bank accounts across 71 financial institutions.
The presiding judge, Justice Akintayo Aluko, issued the interim order after hearing an ex parte application filed by Access Bank through its counsel, Ifeoma E. Enyinnaya.
The order places a Post No Debit (PND) restriction on accounts said to have received portions of the disputed funds, preventing any withdrawals or transfers pending further proceedings.
According to documents filed before the court, Access Bank said it uncovered the alleged fraud on August 12 after detecting unusual transactions on several customer accounts.
The bank alleged that the unauthorised transfers were carried out through its internet banking platform for businesses, the Access SME App.
In its court filing, Access Bank stated: “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 applications known as Access SME App.”
It told the court that an internal investigation traced the movement of N1,340,425,393 from customers’ accounts into several beneficiary accounts maintained with Access Bank and 71 other financial institutions.
Fearing that the money could be dissipated before recovery efforts were completed, the bank approached the court on August 13, seeking urgent preservative orders.
Among the reliefs sought was “AN ORDER of this Honorable Court directing/mandating the 1st Applicant (Access Bank) and the 1st to 71st Respondents to place a post-no-debit (PND) on all the bank accounts and BVN listed in the Schedule marked Exhibit Access 1 & 2 respectively and any other accounts that benefitted from the unauthorized funds of N1,340,425,393.00… pending the determination of the Motion on Notice.”
Access Bank also sought “AN ORDER of this Honorable Court directing/mandating the 1st – 71st Respondents to file and serve its Affidavit of disclosure on the accounts as listed in the Schedule marked Exhibit Access 1 & Access 2, stating the amounts salvaged in the accounts being accounts that benefited from the sum of N1,340,425,393.00…”
It equally requested “AN ORDER of this Honourable Court mandating/directing the Applicant and 1st – 71st Respondents to watchlist the BVNs of accounts listed in Exhibit Access 1 and Exhibit Access 2, and any other accounts that benefitted/received the unauthorized funds until the total sum of N1,340,425,393.00… is fully recovered only to the extent received by each of the beneficiaries.”
The bank further prayed the court for “AN ORDER of this Honorable Court directing/mandating the Applicant and the 1st to 71st Respondents to reverse the salvaged funds in the accounts listed and any accounts linked to their BVNs… to the Applicant’s account number 0703060877… to the extent received by each of the beneficiaries.”
Justice Aluko granted the first three requests, including the freezing of the accounts, disclosure of the beneficiaries, and watchlisting of the affected Bank Verification Numbers (BVNs).
However, Justice Aluko declined the fourth request, holding that reversing the funds at this stage would amount to granting a final relief before hearing the substantive application.
The judge adjourned the case until August 31, 2026, when the court is expected to consider Access Bank’s application for the recovery and reversal.