Nigeria’s banking sector is facing growing cyber fraud risks, with Access Bank Plc seeking to recover ₦1.34 billion allegedly moved from four corporate accounts without authorisation.
The bank approached the Federal High Court in Lagos after detecting unusual transactions on its Access SME internet banking platform upon resuming operations on August 12, 2026.
According to court documents, ₦590.98 million was allegedly taken from MIB TXN Bullion, ₦420.45 million from AIICO General Insurance Company Limited, ₦136 million from Apogee Engineering Limited and ₦193 million from Sims Nigeria Limited.
The funds were reportedly transferred to accounts domiciled with Access Bank and 71 other financial institutions and payment service providers.
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Justice Akintayo Aluko granted three of the bank’s four requests, ordering the affected institutions to place post-no-debit restrictions on the beneficiary accounts, disclose any recovered funds and watchlist the relevant Bank Verification Numbers.
However, the judge declined to order an immediate reversal of the funds, ruling that such an order could amount to a final determination at an interlocutory stage. The case was adjourned to August 31, 2026.
The incident comes amid increasing cyber threats across Nigeria’s financial sector. Data from the Central Bank of Nigeria showed that banks and their customers lost ₦134.48 billion to fraud between 2020 and 2025.
Although fraud cases declined from 123,918 in 2021 to 67,518 in 2025, the growing sophistication of cyberattacks remains a major concern for banks and regulators.
NIBSS CEO, Premier Oiwoh, recently said coordinated industry measures prevented about ₦20 billion in potential losses in 2025, while warning that unreported fraud could allow criminals to move between institutions undetected.
For Access Bank, the latest case highlights the growing threat to corporate and SME banking platforms and the urgent need for stronger cybersecurity, identity management and fraud detection across Nigeria’s increasingly digital banking system.
