Access Bank Reacts After Hackers Steal ₦1.34bn

Access Bank has taken legal steps to recover about ₦1.34 billion allegedly transferred from the accounts of four of its customers through an unauthorised transaction linked to the bank’s internet banking platform.

According to Ireporter Online, the incident was discovered after the bank resumed operations on August 12, 2026, following what it described as a suspected fraud involving its Access SME App.

The affected accounts reportedly belong to MIB TXN Bullion, Aba Branch; AIICO General Insurance Company Limited; Apogee Engineering Limited; and SIMS Nigeria Limited. The total amount allegedly moved from the accounts was put at ₦1,340,425,393.

Following its internal investigation, Access Bank approached the Federal High Court in Lagos through an ex-parte application marked FHC/LAG/MISC/1168/2026. The bank listed 71 financial institutions as respondents, alleging that some of the unauthorised funds were transferred into accounts held with those institutions.

The bank asked the court to place post-no-debit restrictions on the affected accounts and other accounts linked to the beneficiaries of the funds. It also requested that the banks disclose the amounts recovered or still available in the beneficiary accounts.

Access Bank further sought orders to place the beneficiaries’ Bank Verification Numbers on a watchlist and prevent the movement or dissipation of funds linked to the alleged transactions pending the recovery process.

The bank also requested permission to reverse whatever funds could be recovered into its designated account, to the extent of the amounts received by individual beneficiaries.

In its application, the bank stated that its investigation had identified the BVNs of the alleged beneficiaries and other accounts connected to those BVNs. It argued that preserving the accounts was necessary to prevent the funds from being withdrawn or transferred before recovery could be completed.

According to the court documents, Access Bank had contacted the 71 financial institutions after discovering the alleged fraud and requested that they preserve any funds traced to the transactions. The bank said several of the institutions had already placed post-no-debit restrictions on the accounts but required a court order to maintain the restrictions.

The bank maintained that urgent judicial intervention was necessary because further movement of the funds could make recovery more difficult. It also argued that the alleged cyber fraud could have broader implications for financial security and the economy.

To support the application, Access Bank filed an affidavit deposed to by Sodiq Jimoh, a litigation clerk with Country Hill Attorneys & Solicitors, the law firm representing the bank.

The affidavit detailed the amounts allegedly removed from the four affected accounts. MIB TXN Bullion was said to have lost ₦590,975,889, while AIICO General Insurance Company Limited reportedly had ₦420,449,504 transferred from its account. Apogee Engineering Limited allegedly lost ₦136 million, while ₦193 million was reportedly moved from SIMS Nigeria Limited’s account.

The combined amount was put at ₦1,340,425,393.

After hearing submissions from Access Bank’s lawyer, Ifeoma E. Enyinnaya, and reviewing the documents and legal authorities presented before him, Justice Akintayo Aluko ruled that the court had a duty to preserve the funds pending further proceedings.

The judge granted three of the bank’s requests, including the restrictions designed to prevent further dissipation of the funds. However, the court declined to grant the request seeking immediate reversal of the recovered funds, describing it as effectively a final order that could not be granted at that stage.

The matter was adjourned until August 31, 2026, for further proceedings. The court also directed Access Bank’s counsel to file an undertaking as to damages in the event that the orders were later found to have been improperly granted.

The development underscores the growing legal and financial challenges associated with cyber fraud and unauthorised electronic transactions, as Access Bank continues efforts to trace and recover the funds allegedly diverted from its customers’ accounts.