Court Freezes 71 Banks’ Accounts Over N1.34bn Access Bank Cyber Fraud

Justice Akintayo Aluko of the Federal High Court in Lagos has granted interim orders freezing accounts across 71 financial institutions following an alleged N1.34 billion cyber fraud perpetrated against Access Bank Plc through its internet banking platform. The court’s ruling, delivered on Friday, August 15, 2026, came after Access Bank filed an ex-parte application seeking urgent judicial intervention to prevent further dissipation of funds allegedly stolen from four of its customers’ accounts. The bank discovered the fraud upon resumption of operations on August 12, 2026, after noticing suspicious transactions on its Access SME App, an internet banking platform designed for business customers.

Access Bank’s internal investigation revealed that a total of N1,340,425,393 had been transferred without authorisation from four customer accounts. According to an affidavit deposed to by Sodiq Jimoh, a litigation clerk with Country Hill Attorneys & Solicitors, the stolen funds were traced to multiple accounts domiciled with Access Bank and 71 other financial institutions. The affected customer accounts included MIB TXN Bullion (Aba Branch), from which ₦590,975,889 was allegedly stolen; AIICO General Insurance Company Limited, which lost ₦420,449,504; Apogee Engineering Limited, which was defrauded of ₦136,000,000; and Sims Nigeria Limited, which lost ₦193,000,000. The bank’s investigation further identified the Bank Verification Numbers (BVNs) of alleged beneficiaries and other accounts linked to those BVNs, enabling a comprehensive tracing of the illicit funds across the financial ecosystem.

Access Bank filed an ex-parte motion marked FHC/LAG/MISC/1168/2026, seeking four principal reliefs from the court, with the bank represented by lawyers from Country Hill Attorneys and Solicitors, including Ifeoma Esther Enyinnaya, Aishat Nurudeen, and Faith Itua-Oboh. The bank sought Post-No-Debit (PND) restrictions on all accounts and BVNs that received portions of the unauthorised funds, pending the determination of the substantive suit; affidavits of disclosure from the respondent banks stating the amounts salvaged in the beneficiary accounts; watchlisting of BVNs linked to the beneficiary accounts until the full N1.34 billion is recovered, to the extent received by each beneficiary; and the reversal of recovered funds into a designated Access Bank account belonging to the applicant. Justice Akintayo Aluko granted the first three reliefs, holding 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, the judge declined to grant the fourth relief seeking immediate reversal of the salvaged funds, ruling that such an order would amount to a final determination of a substantive issue at the interlocutory stage. The judge also directed Access Bank’s counsel to file an undertaking as to damages in the event that the orders are subsequently determined to have been unwarranted, and the matter has been adjourned to August 31, 2026, for further proceedings.

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The 71 financial institutions named as respondents in the suit represent a cross-section of Nigeria’s financial services sector and include major commercial banks such as First Bank, Fidelity Bank, Ecobank, FCMB, Guaranty Trust Bank, Keystone Bank, Stanbic IBTC Bank, Sterling Bank, Union Bank, United Bank for Africa, Wema Bank, Zenith Bank, Globus Bank, and Jaiz Bank, among others. The list also includes fintech companies like OPay Digital Services, PalmPay, Moniepoint Microfinance Bank, Kuda Microfinance Bank, Paga, Carbon Microfinance Bank, FairMoney Microfinance Bank, and Branch International Financial Services, as well as payment service providers including eTranzact International, KongaPay, MoMo Payment Service Bank, SmartCash Payment Service Bank, and 9Payment Service Bank. These institutions are now required by court order to place PND restrictions on the identified accounts and BVNs, and to provide affidavits disclosing the amounts recovered from the affected accounts.

In its court filing, Access Bank argued that urgent judicial intervention was necessary to prevent further dissipation of the funds, disclosing that it had already contacted the respondent institutions and requested them to preserve the funds, with some institutions already placing temporary PND restrictions. However, the bank said a court order was required to sustain those restrictions, stating in its affidavit that there was an urgent need for the order of the court to preserve the funds and every other account in receipt of the funds to avoid further dissipation. The bank further argued that granting the application would help combat cybercrime, which it said had the potential to undermine economic and national interests. It also undertook to pay damages should the court subsequently determine that the order ought not to have been granted, and warned that failure to act urgently could lead to financial losses and irreparable damage.

This case highlights the increasing vulnerability of Nigeria’s financial system to cyber fraud, particularly through digital banking platforms, as fraudsters become more sophisticated in exploiting vulnerabilities. The Access SME App breach demonstrates how a single point of weakness can be exploited to siphon massive sums across multiple financial institutions within a short period, with the rapid movement of stolen funds across banks and fintech platforms posing significant challenges for recovery efforts. The court’s intervention in this case underscores the importance of judicial cooperation in preserving assets and ensuring that victims of fraud have a path to recovery. For financial institutions, this case serves as a reminder of the critical need for robust cybersecurity measures, real-time transaction monitoring, and rapid incident response protocols, as well as the importance of regular security audits and penetration testing to identify and patch vulnerabilities before they can be exploited.

For customers, particularly businesses that rely on digital banking platforms, this case highlights the importance of regular monitoring of account activity to detect unauthorised transactions, prompt reporting of suspicious activity to banks, understanding the limits of bank liability in cases of fraud, and maintaining proper documentation to support claims. The case also raises important questions about the liability of banks and fintechs in safeguarding customer funds and the effectiveness of current regulatory frameworks in addressing emerging cyber threats. The interim orders granted by the court mean that the focus is now on preserving whatever portion of the alleged N1.34 billion remains in the identified accounts while the case progresses, with respondent institutions expected to comply with the court’s orders by placing PND restrictions on all accounts and BVNs identified, filing affidavits disclosing the amounts recovered, and watchlisting the relevant BVNs to prevent further movement or dissipation of funds.

The court has adjourned the matter to August 31, 2026, for further proceedings, at which hearing the court will likely consider whether to extend or modify the interim orders and may also address the substantive issues in the case. For Access Bank and the wider financial system, the case underscores the growing risks of cyber fraud in Nigeria’s banking sector and the critical role of the judiciary in protecting the integrity of the financial system. As digital banking continues to expand, the need for robust cybersecurity frameworks, effective regulatory oversight, and swift judicial intervention will only become more urgent.

Court Freezes 71 Banks’ Accounts Over N1.34bn Access Bank Cyber Fraud

Customs Intercepts Over $73,000, £15,957, 827,800 Saudi Riyals Hidden in Shoes at Kano Airport

The Economic and Financial Crimes Commission has launched a full-scale investigation into a passenger, Haruna Yusuf, after the Nigeria Customs Service intercepted a massive haul of undeclared foreign currencies concealed inside footwear and sportswear shoes at the Mallam Aminu Kano International Airport. The interception, which occurred between August 8 and 12, 2026, involved a total of $73,300, £15,957, and 827,800 Saudi Riyals—amounts that, when converted, run into hundreds of millions of naira. The suspect and the recovered cash were formally handed over to the EFCC by customs officials at the Kano/Jigawa Command, marking the beginning of what investigators describe as a thorough probe into possible violations of Nigeria’s anti-money laundering framework.

Customs officers made the discovery in two separate operations, both involving cleverly concealed cash meant to evade routine screening. On August 8, 2026, at approximately 2:20 PM, officers screening an unaccompanied Saudi Airline luggage found 827,800 Saudi Riyals and $53,300** cleverly tucked inside a piece of footwear. Then, on August 12, 2026, at about 1:50 PM, the luggage of **Haruna Yusuf**, who had just arrived on Ethiopian Airlines flight **ET941**, raised red flags during initial checks. A secondary search, aided by **Non-Intrusive Inspection Technology**, revealed an additional **$20,000 and £15,957 hidden inside sportswear shoes. The two seizures, occurring within days of each other, underscored the growing sophistication of currency smuggling tactics and the proactive role of technology in detecting them.

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The Nigeria Customs Service officially handed over the suspect and the seized currencies to the EFCC under the authority of Section 4(f) of the Nigeria Customs Service Act 2023, which allows the service to collaborate with other border regulatory agencies in enforcing financial laws. The transfer ceremony was presided over by the Acting Customs Area Comptroller for the Kano/Jigawa Command, Deputy Comptroller U.U. Adamu, who emphasized that the interceptions highlight the need for heightened vigilance at all entry points. He reaffirmed the commitment of the NCS to continue deploying intelligence-driven measures, advanced scanning equipment, and inter-agency cooperation to curb the illegal movement of cash across Nigeria’s borders.

Upon receiving the suspect and the exhibits, the EFCC’s Acting Zonal Director in Kano, Assistant Commander Friday S. Ebelo, confirmed that the failure to declare such large sums of foreign currency constitutes a direct violation of the Money Laundering (Prevention and Prohibition) Act, 2022. He noted that under Nigerian law, travellers carrying amounts above the statutory threshold are required to make a full declaration at the point of entry or exit, and that non-compliance attracts serious legal consequences. However, Ebelo was careful to clarify that declaring money does not automatically lead to seizure—rather, the offence lies in the concealment and the failure to declare, or in cases where the source of the funds is questionable.

Addressing the broader public, Ebelo urged all travellers to comply with currency declaration requirements, stressing that the law is not designed to punish honest declarations. He stated emphatically that no one would have their funds confiscated simply for declaring them, and that the legal issues arise only when individuals attempt to move large sums secretly, often to evade scrutiny over the origin or purpose of the money. His remarks serve as both a warning and a clarification, aimed at dispelling common misconceptions that discourage travellers from making lawful declarations.

The EFCC has now commenced a comprehensive investigation into the circumstances surrounding the movement of the funds, including the source of the cash, the intended destination, and whether the suspect acted alone or as part of a larger network. Investigators are also looking into the possibility of money laundering, terrorism financing, or other financial crimes linked to the undeclared currencies. While no formal charges have been filed yet, the commission has assured the public that the case will be pursued diligently, and that anyone found culpable will face the full weight of the law.

The Kano/Jigawa Command of the Nigeria Customs Service has hailed the interceptions as a major success in the fight against illicit financial flows, and reiterated its resolve to work closely with the EFCC, the Nigerian Immigration Service, and other border agencies to protect the integrity of Nigeria’s financial system. The service also reminded the public that its officers are equipped with both the legal authority and the technological tools to detect hidden currencies, and that attempts to circumvent the law will continue to be met with decisive action.

Customs Intercepts Over $73,000, £15,957, 827,800 Saudi Riyals Hidden in Shoes at Kano Airport

Nigeria Customs Names Importers of 399 Pump-Action Rifles, Hands Over Weapons to NSA Office

The Nigeria Customs Service (NCS) has publicly identified the importers behind the recent shipment of 399 fully assembled JOJEF pump-action rifles and assorted firearm components intercepted at the Tin-Can Island Port in Lagos, as both suspects remain in custody pending their court arraignment.

The Comptroller-General of Customs, Bashir Adewale Adeniyi, disclosed the names during the formal handover of the seized arms to the National Centre for the Control of Small Arms and Light Weapons (NCCSALW) in Lagos on Monday. According to the Customs chief, the importers behind the illicit consignment are Robert Eze and Ejiogu Godson. Both individuals are now in custody following their arrest in connection with the illegal shipment. Customs operatives arrested one of the suspects on July 31, 2026, at a bonded terminal while he was allegedly attempting to secure the release of the container containing the prohibited firearms. The two suspects have been remanded by the Federal High Court in Lagos, with their arraignment scheduled for August 25, 2026.

The interception occurred after the NCS risk-management system flagged the container for inspection upon arrival at Tincan Island Port aboard the vessel MV Velika on July 8, 2026. Adeniyi placed particular emphasis on the role of technology in the seizure, explaining that Customs could not physically open every container arriving in the country. “Look carefully at what is laid out on these tables. 399 rifles. Somebody paid for them. Somebody arranged their shipment. Somebody was waiting at this end to collect them. And somebody, somewhere in this country, was going to be on the wrong end of them,” Adeniyi said. The Comptroller-General revealed that the firearms had been deliberately dismantled and concealed among the contents of the container in an apparent attempt to make them more difficult to detect. “It was opened because our risk management system flagged it. Inside were firearm components, taken apart and hidden in knocked-down form. That is a deliberate method. It is chosen for one reason only, which is that a rifle in pieces does not look like a rifle,” he explained.

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Following detailed examination and assembly of recovered components, Customs confirmed the discovery of 399 fully assembled patrol rifles alongside a significant quantity of supplementary rifle parts. Among the additional components recovered were 89 frames, 80 charging handles, 57 trigger groups, 66 foregrip latches, 45 foregrips/handguards, 39 pistol-grip screws, 34 springs, 25 locking lugs, 16 heat shields, 10 trigger pins, four pistol grips, five barrels, and three pistons.

Following the complete inventory and assessment of the illicit shipment, the Customs Service handed over the seized armaments to the Director-General of the NCCSALW under the Office of the National Security Adviser. Adeniyi confirmed that the two arrested suspects are also being transferred to the Office of the NSA for further investigation. In his remarks, the National Coordinator of the NCCSALW, Mr Johnson Kokumo, revealed that the Centre has received 21,000 Small Arms and Light Weapons since inception, while over 19,000 have been destroyed. He commended the Comptroller General of Customs for his astute leadership, professionalism, and patriotism often demonstrated in all operations of the Nigeria Customs that have led to the recovery of illicit weapons at different times. Kokumo stated: “Illicit weapons taken out of the hands of non state actors is a direct blow to criminal networks and a vital step toward safeguarding innocent citizens.” He assured that the weapons would be managed to the highest standards and will be accounted for, ensuring that they do not find their way back into the hands of criminal elements, in strict compliance with national legislation and international best practices.

Adeniyi warned that criminal networks could seek to exploit Nigeria’s borders, ports, and airports ahead of the next general elections to move prohibited items into the country. He assured Nigerians that the service would intensify surveillance and enforcement operations to prevent such activities. “We are about entering a major election cycle, and we know that by this period, men of the underworld will want to use our borders, our ports, our airports to bring in items like this. We are going to redouble our efforts to ensure that we do not allow them to do so,” Adeniyi said. The Customs chief reaffirmed the service’s commitment to intelligence-led enforcement, stronger border surveillance, and collaboration with sister security agencies to dismantle arms-trafficking networks and safeguard national security. He also warned Customs personnel against colluding with arms traffickers, saying officers who facilitate the movement of illicit weapons would not receive protection from the service.

Customs Names Importers of 399 Pump-Action Rifles, Hands Over Weapons to NSA Office