Access Bank Plc has approached the Federal High Court in Lagos seeking an order to freeze bank accounts allegedly linked to beneficiaries of unauthorised transfers totalling about ₦1.34 billion from some of its customers’ accounts.
The bank filed the application as part of efforts to recover the funds and prevent the alleged beneficiaries from withdrawing or transferring the money while investigations into the transactions continue.
According to court documents, Access Bank told the court that the disputed funds were transferred from the accounts of some of its customers without proper authorisation. The bank is seeking judicial intervention to preserve the money in accounts identified as having received the funds.
The application reportedly covers multiple accounts held by individuals and entities suspected of being connected to the transactions. The bank wants the accounts restricted pending further investigation and the determination of the recovery process.
Access Bank’s action highlights the growing challenges faced by financial institutions in dealing with unauthorised electronic transactions and the movement of suspected illicit funds through Nigeria’s banking system.
The bank is also seeking to trace the movement of the money and identify the parties involved in the alleged transfers. A freezing order, if granted, would prevent the affected account holders from accessing the disputed funds while the matter is being investigated.
The case is now before the Federal High Court in Lagos, where the bank’s request will be considered.
Importantly, the allegations contained in the application have not been established as facts by the court, and the affected account holders remain entitled to due process.
The case could further highlight the responsibilities of banks, customers and account holders in preventing and responding to unauthorised transactions as digital banking continues to expand across Nigeria.
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