Access Bank has approached the Federal High Court in Lagos to recover ₦1.34 billion allegedly transferred from the accounts of four customers through an unauthorised transaction on its Access SME internet banking platform.

The incident, according to court documents, was discovered on August 12, 2026, after the bank noticed suspicious transactions involving MIB TXN Bullion, Aba Branch; AIICO General Insurance Company Limited; Apogee Engineering Limited; and SIMS Nigeria Limited.

A total of ₦1,340,425,393 was reportedly moved from the four accounts and subsequently transferred to several accounts held with Access Bank and 71 other banks.

The amounts allegedly taken from the affected accounts were ₦590,975,889 from MIB TXN Bullion, ₦420,449,504 from AIICO General Insurance Company Limited, ₦136 million from Apogee Engineering Limited and ₦193 million from SIMS Nigeria Limited.

In an ex-parte application marked FHC/LAG/MISC/1168/2026, Access Bank asked the court to preserve the funds and prevent further movement of the money pending the determination of its substantive application.

The bank listed 71 financial institutions as respondents and requested orders directing them to place post-no-debit restrictions on accounts and BVNs linked to the allegedly unauthorised transfers.

It also asked the court to compel the banks to disclose the amounts still available in the beneficiary accounts and to watchlist the BVNs associated with the accounts that received the funds.

Access Bank further sought an order directing the reversal of any recovered funds into its account, but the court declined to grant that particular request at the preliminary stage.

In its affidavit, the bank said its internal investigation showed that the funds had been transferred without the customers’ authorisation and distributed among several accounts.

The bank said it immediately contacted the affected financial institutions, notified them of the suspected fraud and requested that the funds be preserved while investigations continued.

Access Bank argued that urgent court intervention was necessary to prevent the suspected proceeds from being withdrawn, transferred or otherwise dissipated.

The bank also maintained that preserving the funds was necessary to protect its customers and prevent cybercrime capable of causing significant financial and economic damage.

Justice Akintayo Aluko, after considering the submissions of Access Bank’s counsel, Ifeoma E. Enyinnaya, granted three of the reliefs sought by the bank.

The judge held that the essence of the application was to preserve the funds from further dissipation and that the court had a duty to protect the subject matter of the case.

However, Justice Aluko declined to grant the fourth relief, which sought immediate reversal of the recovered funds, on the grounds that such an order would amount to a final determination of part of the case at that stage.

The court subsequently adjourned the matter until August 31, 2026, for further proceedings.

Justice Aluko also directed Access Bank’s counsel to file an undertaking as to damages in the event that the orders granted by the court are later found to have been uunwarranted

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